Source file signed link, expires in 15 minutes
Extracted text 77
Page 1
•• •••• 111 11 1 111 ••• Il l
Page 2
Disclaimer
The Sustainability Report of PT Saratoga Investama
SedayaTbk, hereinafter referred to as “the Report,”
contains material data and information for stakeholders
regarding Saratoga’s sustainability performance in 2025.
In general, the content of this report is derived from
internal analyses as well as reliable documents and
sources. The terms “Saratoga,” “Company,” or“We” in the
Report refer to PT Saratoga Investama Sedaya Tbk.
Readers should be aware that this report contains views
and forward-looking statements. Saratoga recognizes that
risks and uncertainties related to various factors could
affect its operating performance and business conditions
in the future. As such, we remind readers that Saratoga
cannot guarantee that the forward-looking statements
will reflect actual conditions in the future. Therefore, we
remind readers to use them prudently.
The tables and charts shown in this Report present
numeric data using the standard English notation. The
presentation of numerical values in the text also use the
2 English notational standard.
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 3
Table of Contents
Disclaimer 2 Catalyzing Change for Environmental Stewardship 43
Table of Contents 3 Environmental Initiatives 45
Resilient Investment 49
Theme Description 2025 4 Environmental Compliance 51
Performance Highlights 2025 5 Investing in Our People 52
Message from the President Director 7 Employee Engagement and Equal Opportunity 53
About Saratoga 10 Supporting Workforce Excellence 56
Business Lines 12 Advancing Health Initiatives 58
Our Active Investment Methodology 13 Empowering Communities Through Strategic 59
Our Investment Framework 14 Investments
Association Membership 16 Our CID Framework: Three Pillars of Impact 60
Awards 17 Community Empowerment 61
Our Approach to Sustainability 18 Social and Cultural Development 63
Commitment to Sustainability 19 About This Report 65
Integrated ESG Policy Framework 19 GRI Content Index 68
Embedding Sustainability in Our Strategic Roadmap 20 POJK Index 72
Sustainability Governance and Oversight 22 UNGC Index 75
Stakeholder Engagement 23
Material Topics 24 Feedback Form 76
Managing Impact Across Our Ecosystem 25
Upholding Business Integrity 26
Good Corporate Governance 27
Governance Structure 28
Performance Evaluation and Remuneration 32
Conflict of Interest 32
Whistleblowing System 33
Anti-Corruption Commitment 33
Data Privacy and Security 33
Driving Value Through Responsible Investments 35
Addressing Emerging Global Trends 36
Economic Performance 37
Responsible and Sustainable Investing 38
3
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 4
Driving Impact, Growing Together The theme “Driving Impact, Growing Together” encapsulates Saratoga’s commitment to sustainable value creation through purposeful investment and partnership. It marks Saratoga’s continued evolution as a responsible investor in driving impact where it matters most, and growing together with the people, communities, and systems that power lasting change and better future for all. As an active investment company, Saratoga continues to deploy strategic capital into sectors that address critical national needs, namely healthcare, renewable energy and green economy, digital infrastucture, and consumer. Our investment approach not only drives business growth, but also delivers measurable environmental and social impact.
Page 5
Performance
Performance
Highlights 2025
Highlights 2025 [POJK B.1] [POJK B.2] [POJK B.3]
Economic
Strengthening Economic Resilience Through Responsible Growth
Dividend, Distributed Investment Follow-on
Interest and Economic Investment
Other Income Value
2,878 647 60,658
in billion Rupiah
2,765
in billion Rupiah
in billion Rupiah in billion Rupiah
5
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 6
Environment Social
Protecting Natural Resources Through Sustainable Practices Empowering Communities Through Strategic Investment
95.71 19.03 345
Performance
Highlights 2025
ADVANCING INCLUSION STRENGTHENING
AND SUPPORTING COMMUNITIES
INDIVIDUAL THROUGH SUSTAINABLE
67 2.56
TonCO2eq TonCO2eq GJ DEVELOPMENT PROGRAMS
Scope 1 & 2 emissions Scope 3 emissions* Electricity
0.03 0.19
Usage
538.99
Total Number of Employee BILLION RUPIAH
(as of 31 December 2025)
Total CID Investment
47.76%
in 2025
GJ TonCO2eq/Billion Rupiah GJ/Billion Rupiah 155% vs 2024
Energy Emission Intensity Energy
32
Of all employees are female
15.59
Consumption (Scope 1 & 2 emissions) Intensity
Governance students participated in
Advancing Accountability Through Robust Governance Standards Average Hours of entrepreneurship coaching
100%
Training per Worker and mentoring through the
ENVOY 16 and ENVOY 17
program.
3
Corruption Data breach
employees
incident received performance
ZERO
evaluations and appraisals
Report on code
breaches Employees are
safe and decent homes have
Satisfied
been facilitated for families in
Insider trading need, as part of a fundraising
action initiative that successfully
6 Conflict of Interest with the management and delivered a total of 38 homes
facilities provided by Saratoga benefiting 171 individuals.
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
*) From Category 6 (Business Travel) only. Scope 3 Category 15 (Investment) is recognised as relevant, but is not disclosed
quantitatively in 2025 as the relevant emissions data was not yet available at the time of reporting.
Page 7
↗ “We believe that meaningful progress
in sustainability starts from within.”
Dear Valued Stakeholders,
The year 2025 unfolded amid economic recalibration and shifting global
dynamics. Markets became more selective, capital more cautious, and
investment decisions increasingly shaped by discipline and clarity. For
Saratoga, these conditions reinforced the importance of maintaining a
consistent approach focused on business fundamentals and long-term
resilience.
We continue to operate with a long-term investment horizon, supported by
patient capital and enduring partnerships. In an environment where progress
can be uneven, we remained focused on building and managing portfolios
that are resilient across cycles and relevant to Indonesia’s evolving economic
landscape.
As President Director, and on behalf of the Board of Directors, we continue to
uphold the Board’s role in overseeing Saratoga’s strategy, performance, and
Message from the sustainability integration. This oversight includes consideration of material
economic, environmental, and social factors within decision-making and risk
President Director
[POJK D.1] management processes, in accordance with our fiduciary responsibilities and
applicable regulatory requirements.
Page 8
Sustainability For a Long-Term Value Creation Our approach is tailored to each company’s business context and context and stage
of development, encompassing governance practices, strategic direction, operational
In 2025 we continued to view sustainability through the lens of long-term strategy, disciplined readiness, and sustainability priorities. During the year, several portfolio companies
execution, and responsible ownership. Saratoga sees sustainability as part of how businesses are progressed toward higher levels of organizational maturity and capital market readiness,
Message from the
President Director built, managed, and strengthened over time. reflecting consistent execution and effective oversight.
We recognize that sustained performance depends on operational discipline, sound governance, Saratoga’s portfolio also includes investments aligned with national sustainability priorities,
and the ability of portfolio companies to adapt to changing economic, regulatory, and social such as Brawijaya Hospitals and ZAP Clinic in healthcare and wellness services, as well as
environment. Xurya in renewable energy and related services.
This perspective shaped how we worked with our portfolio companies throughout the year. Through At the same time, we continue to hold investments in portfolio companies that have
ongoing engagement, Saratoga focused on supporting investees in strengthening governance reached a more advanced stage of organizational maturity and are publicly listed,
practices, operational readiness, and execution capabilities in line with their respective business including PT Alamtri Resources Indonesia Tbk (ADRO), PT Adaro Andalan Indonesia Tbk
strategies. This approach underscores Saratoga’s focus on partnership-driven value creation. (AADI), PT Merdeka Copper Gold Tbk (MDKA), PT Tower Bersama Infrastructure Tbk
(TBIG), PT Samator Indo Gas Tbk (AGII). These companies represent different stages
Financial Performance Overview within Saratoga’s long-term investment cycle, shaped by discipline execution, governance
I am happy to report that for the fiscal year of 2025, Saratoga recorded solid financial development, and market readiness over time.
performance, reflecting the outcome of disciplined portfolio management amid a selective These examples are indicative of how Saratoga works with portfolio companies
investment environment. across different sectors. The emphasis remains on constructive engagement, shared
Saratoga’s Net Asset Value (NAV) reached Rp60.28 trillion compared to Rp53.98 trillion in understanding of long-term sustainable growth objectives, and disciplined execution,
FY2024. Net profit amounted to Rp7.31 trillion, improving from Rp3.29 trillion in the previous consistent with Saratoga’s role as a long-term responsible investor.
year.
As approved at the Annual General Meeting of Shareholders on 25 June 2025, Saratoga Empowering Our People
distributed a cash dividend of Rp14.75 per share, with a total value of Rp199.9 billion. The In the aspect of human capital, during the reporting year Saratoga focused on
dividend distribution was made in accordance with applicable regulations and the Company’s developing professional capabilities, strengthening leadership, and maintaining
dividend policy, while maintaining financial flexibility for future investment activities. organizational alignment with the Company’s values and governance expectations.
The Company continues to monitor portfolio investments aligned with Sustainable Finance Saratoga also maintained internal engagement through structured communication,
as part of our evaluation of sustainability-related economic performance. In line with this cross-functional collaboration, and performance management processes. As business
commitment, we continue to incorporate sustainability considerations into our general conditions evolved during the year, the internal team continued to support Saratoga’s
investment review process. This perspective allows us to understand how our various investment activities with discipline and continuity.
portofolio and investment opportunities may align with the United Nations Sustainable
Development Goals (SDGs), whether through direct impact or as part of our broader portfolio Contributing to Communities
strategy.
We also recognize our role in supporting the communities around us. We continued to
contribute to Indonesia through our CSR platform, Saratoga Peduli delivering tangible
Working with Our Portfolio Companies benefits to communities across Indonesia, focusing on education, poverty, disaster
Throughout 2025, Saratoga continued to engage closely with portfolio companies, focusing response, and empowerment.
on strengthening governance, supporting disciplined execution, and enhancing long-term During 2025, Saratoga implemented a number of initiatives, focusing in the area of
8 business sustainability. Disaster Response, Education Support, Environment Education, Youth Empowerment,
2025 Sustainability Report and Community Welfare.
PT Saratoga Investama Sedaya Tbk.
Page 9
These activities reflect Saratoga’s approach to contributing to communities in a manner
aligned with its role as an investment company and our broader responsibility to operate
responsibly within the social environment where ever we operate.
Message from the
President Director Looking Ahead
The operating environment in 2026 is expected to remain challenging. Global economic
growth is projected at approximately 3.10%, while emerging markets, including Southeast
Asia, are expected to grow at around 4%. Indonesia is targeting GDP growth of 5.20%–
5.80%, supported by ongoing structural reforms, downstream sector development, and
investment in human capital.
Against this backdrop, Saratoga will continue to approach its investment activities with
discipline and caution. The Company’s focus remains on maintaining portfolio resilience,
sound governance, and financial flexibility in navigating evolving market conditions. In
this context, Saratoga continues to observe developments that may influence long-term Let us continue to grow.
business conditions across sectors, including regulatory changes, market dynamics, and Together.
broader sustainability-related expectations affecting companies and investors globally.
Thank You
As we close the chapter on 2025, we extend our sincere appreciation to everyone who has
been part of Saratoga’s journey.
To our portfolio companies, shareholders, investors, employees, and partners, thank you
for your trust, dedication, and collaboration. Your continued support enables Saratoga to
pursue long-term value creation while navigating an evolving business landscape.
Warm Regards,
We recognize that sustainability is not a destination, but an ongoing discipline that
Michael W. P. Soeryadjaya
requires consistent execution, accountability, and collaboration. Saratoga will continue
President Director
to strengthen how we manage our businesses, measure progress, and contribute to the
PT Saratoga Investama Sedaya Tbk.
broader economic, social, and environmental landscape.
9
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 10
About Saratoga
↗ “Saratoga is committed to fostering
sustainable growth by encouraging
responsible innovation and creating
lasting value.”
10
About
2025 Sustainability Report Saratoga
PT Saratoga Investama Sedaya Tbk.
Page 11
About Saratoga
VISION [POJK C.1]
A world-class active investment company in Company Name [GRI 2-1]
Indonesia that excels on the back of strong
corporate characters to create value for our PT SARATOGA INVESTAMA SEDAYA TBK. [SRTG]
stakeholders and the nation. Line of Business [POJK C.4][GRI 2-6]
The Company’s main purpose, as per its Articles
of Association, is to operate as a holding company
managing assets across subsidiaries. It also offers
management consulting to enhance investment
MISSION
performance and value.
PT Saratoga Investama Sedaya
[POJK C.1] Ownership and Legal Entities [POJK C.3]
Tbk. (SRTG) is a publicly To be the partner of choice for investors to Limited Liability Company
listed investment corporation participate in the dynamic growth of Indonesia.
headquartered in Jakarta, Indonesia. Headquarters Location [POJK C.2]
Since its establishment in 1997, Menara Karya 15th Floor
Saratoga has been committed to Jl. H.R. Rasuna Said Block X-5
creating value for its stakeholders Kav 1-2, South Jakarta 12950
CORE VALUES
and contributing to the growth of
the national economy. [GRI 2-1] Telephone & Fax
Saratoga manages a diverse and Phone: +62 21 5794 4355
strategic portfolio encompassing Work Hard Fax: +62 21 5794 4365
sectors such as healthcare, digital Work Smart
infrastructure, energy and other Work Thoroughly Email
critical areas of the economy. Our Work Wholeheartedly investor.relations@saratoga-investama.com
investments comprises of leading
corporations and subsidiaries in Website
energy and infrastructure, reflecting www.saratoga-investama.com
COMPANY CHARACTER
our long-term vision for growth and
our dedication to fostering progress Operational Area and Countries
across various industries. [POJK C.3] of Operation [POJK C.3]
Integrity Indonesia
Passion & Energy
11 Competence & Capability
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 12
Business Lines [POJK C.4][GRI 2-6]
About Saratoga Names and Addresses of Our Subsidiaries [GRI 2-2]
Year of Year of Effective Operation Total Assets
Subsidiary Name Correspondence Address Business Field
Establishment Investment Ownership Status (in billion IDR)
Menara Karya 15th Floor
PT Bumi Hijau Asri Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2007 2010 99,99% Active 114
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Interra Indo Resources Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2004 2004 93,73% Active 396
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Lintas Indonesia Sejahtera Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2018 2018 99,99% Active -
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Nugraha Eka Kencana Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2003 2003 99,99% Active 2,513
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Sarana Investasi Bersama Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2015 2024 98,84% Active 319
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Saratoga Sentra Business Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2005 2005 99,99% Active 123
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Surya Nuansa Ceria Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2015 2015 99,99% Active 165
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Trimitra Karya Jaya Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2012 2014 99.00% Active 1
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Wahana Anugerah Sejahtera Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2005 2009 99,96% Active 20,327
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
Menara Karya 15th Floor
PT Wana Bhakti Sukses Mineral Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Investment 2007 2011 73.68% Active 3
Tel : +62 21 5794 4355, Fax : +62 21 5794 4365
12
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 13
In accordance with the Company’s Articles of
Association, the Company’s objectives are defined as
Our Active Investment
follows: Methodology [POJK C.4][GRI 2-6]
About Saratoga
Primary Objectives
Our investment strategy is guided by three
• ●Holding Company Function foundational principles—Platforms, Partnerships,
Managing and overseeing assets and strategic and Value Creation—which collectively support
direction of subsidiaries to ensure long-term value sustainable growth across our portfolio.
creation. • Platforms
• ●Management Consulting Services We view each investment as a strategic
a. Providing advisory support across key foundation for long-term development. Our
organizational areas, including financial portfolio companies serve as platforms for
planning, marketing strategy, human resources, organic expansion and opportunities for
production management, and operational value-chain integration, enabling scalable
improvement. and sustainable growth.
b. Our scope of consulting also include technical • Partnerships
expertise in agronomy, agricultural processing, Collaboration is central to our strategy. We
and agricultural economics, as well as the work closely with entrepreneurs who drive
development of accounting systems, cost business continuity and performance, while
management programs, budget oversight, and also engaging with global professional
initiatives that enhance efficiency for both investors. Through these partnerships,
business and community services. Saratoga serves as a trusted local partner,
contributing market insights, regulatory
Supporting Activities expertise, and long-term strategic support
• ●Portfolio Financing alignment.
Providing funding and/or financing to companies • Value Creation
within our investment portfolio to support business We strengthen our investee companies by
growth and operational stability. providing capital, operational guidance,
• ●Subsidiary and Affiliate Support and financial advisory services. This is
Offering financial assistance to subsidiaries, complemented by industry-specific expertise,
affiliates, and related entities to strengthen innovations, and technology insights that
group-wide operations and encourage ongoing improve business capabilities and promote
investment and development. sustainable performance.
13
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 14
About Saratoga
Our Investment Framework Main Portfolio Summary
↗ ADARO ANDALAN INDONESIA
BLUE
Saratoga has established a strong track record in identifying high- Energy and Resources
potential investment opportunities and cultivating a comprehensive
ALAMTRI RESOURCES INDONESIA
CHIP
national business network that fosters sustainable long-term growth.
Our responsibilities transcend mere capital provision; we collaborate Mineral Processing and Renewable Energy
closely with our business partners to reinforce strategic direction,
improve operational performance, and generate enduring value
across our portfolio. Upon divestment, we implement a structured and
BERSAMA DIGITAL INFRASTRUCTURE ASIA
Digital Infrastructure (Holding Company of Tower Bersama Infrastructure)
responsible exit strategy to guarantee continuity and sustained impact.
Our portfolio showcases a thoughtfully balanced investment strategy MERDEKA COPPER GOLD
Precious Metals and Mineral Processing
that personalizes support for companies at various stages of their
↗
growth, including:
BRAWIJAYA HEALTHCARE
GROWTH
Healthcare
● ●
Early-stage Growth-stage
companies with
Established, publicly
listed blue-chip FOREST CARBON FOODEX
Food Security and innovation
businesses with Carbon Offset Credit
significant potential proven business enterprises with in food industry
for innovation and models and strong market positions
long-term solid financial and enduring value MITRA PINASTHIKA
MUSTIKA XURYA
expansion performance creation potential Solar Energy
Automotive
SAMATOR INDO GAS
Consumer and Industrial Gas
ZAP
Beauty and Health Clinic
NUSA RAYA CIPTA
Constructions
MULIA BOSCO LOGISTIK
Cold-Chain Logistics
14
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 15
Share Ownership and Structure of Saratoga [POJK C.3]
About Saratoga
Public Edwin Soeryadjaya
50.00%
PT Unitras Pertama Sandiaga Uno
35.872% 31.623%
10.995% 21.51%
SARATOGA
TECHNOLOGY CONSUMER HEALTHCARE RENEWABLE
ENERGY AND PRECIOUS INDUSTRIALS & DIGITAL CONSTRUCTION PRODUCT & LOGISTICS & CONSUMER & GREEN
RESOURCES METAL INFRASTRUCTURE SERVICES HEALTH ECONOMY
15.15% 19.37% 10.00% 27.38% 6.02% 70.00% 69.29%*
AADI MDKA AGII BDIA NRCA FOODEX MBL XURYA
PT Adaro Andalan PT Foodex Inti
BRAWIJAYA
Indonesia Tbk. PT Merdeka Cooper PT Samator Bersama Digital PT Nusa Raya Xurya Daya Indonesia
Ingredients PT Mulia Bosco Brawijaya
ADRO owns 15.37% Gold Tbk. Indo Gas Tbk. (2) Infrastructure Asia Cipta Tbk. Logistik
Pte Ltd Healthcare Group
of AADI
16.52% 9.37% 57.67%
ADRO TBIG MPMX FOREST
PT Alamtri Resources PT Tower Bersama ZAP CARBON
Infrastructure Tbk. PT Mitra Pinasthika PT Zulu Alpha Papa
Indonesia Tbk (1) Mustika Tbk. Forest Carbon
BDIA owns 81.29%
of TBIG
15
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk. (1)
Previously PT Adaro Energy Indonesia Tbk. (2)
Previously PT Aneka Gas Industri Tbk. * Subsequent as of 9 March 2026
Page 16
Enterprise Scale [POJK C.3]
About Saratoga 2023 2024 2025
Number of Employees 64 65 67
Income (Loss)* (Billion Rupiah) (10,971) 5,310 7,018
Total Capitalization (Billion Rupiah) 22,246 28,351 21,432
Liabilities (Billion Rupiah) 2,157 6,069 3,592
Equity (Billion Rupiah) 48,709 51,746 58,891
Total Assets (Billion Rupiah) 50,945 57,842 62,511
Net Profit (Loss) (Billion Rupiah) (10,150) 3,290 7,319
*Include net gain (loss) on investments in shares and other securities
Association Membership [GRI 2-28] [POJK C.5]
Saratoga is actively involved in and has signed agreements with numerous national and international associations, as detailed in the table below.
Indonesian Publicly Listed Indonesia Corporate Secretary United Nation Global Compact
Companies Association (AEI) Association (ICSA) (UNGC)
Year of Membership | 2013 Year of Membership | 2022 Year of Membership | 2022
16
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 17
Awards
About Saratoga
Top 50 Big Capitalization IICD Corporate Governance Award
17 Public Listed Company 15 September 2025
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 18
Our Approach
to Sustainability
↗ Atconsiderations
Saratoga, sustainability
are incorporated into
our investment approach alongside
financial performance. We seek
to support portfolio companies in
achieving sustainable growth while
contributing to broader social and
environmental outcomes.
18
Our Approach to
2025 Sustainability Report Sustainability
PT Saratoga Investama Sedaya Tbk.
Page 19
Commitment to Sustainability
Our Approach Saratoga’s sustainability approach is firmly rooted in alignment with internationally recognized frameworks and
to Sustainability national regulations. We are committed to embedding sustainability principles into our investment practices and
corporate operations by referencing global standards including:
• United Nations Guiding Principles on Business and Human Rights (UNGPs)
• Universal Declaration of Human Rights
• United Nations Sustainable Development Goals (SDGs).
These principles inform our strategic direction, reinforce ethical conduct, and ensure that long-term value creation
is pursued with environmental and social responsibility in mind. [GRI 2‑23]
Integrated ESG Policy Framework
To operationalize these principles, we have adopted an integrated Environmental, Social, and Governance (ESG)
Policy framework that serves as the foundation for company-wide decision-making. Our comprehensive approach is
supported by a suite of Board of Directors and Board of Commissioners-approved policies that provide clear guidance
on expectations and responsibilities across functions. [POJK A.1]
Category Policy Name Link
ESG Policy ESG Task Force Governance
ESG Policy Environmental, Social, and Governance Policy
Environment Environmental Policy
Social People Policy
Social Prevention of Sexual Harassment Policy All policies available at:
Social Anti-Discrimination and Gender Equality Policy saratoga-investama.com/
Social Diversity and Inclusion Policy sustainability/policy
↗
Saratoga adopts an investment approach that Social Occupational Health & Safety Policy [GRI 2-22]
integrates ESG as one of the considerations we put Governance Commitment To Human Rights
into business decision making and capital allocation. Governance Anti-Money Laundering and Counter-Terrorism Financing Policy
We believe long-term value creation is supported by Governance Personal Data Protection Policy
investing in portfolio companies that demonstrate Governance Whistleblowing Policy
responsible business practices and a disciplined
approach to sustainable growth. By aligning financial Policy implementation is reinforced through structured communication and engagement across the organization.
objectives with environmental stewardship and social
19 responsibility, we aim to enhance the resilience of our
Policies are disseminated via internal platforms and incorporated into regular intranet updates, employee onboarding,
and targeted trainings. Implementation progress is reviewed across multiple levels, from daily and monthly
2025 Sustainability Report portfolio while contributing to sustainable development. operational monitoring to strategic oversight in quarterly ESG reviews. [GRI 2‑24]
PT Saratoga Investama Sedaya Tbk.
Page 20
Embedding Sustainability in Our Strategic Roadmap
Our Approach In FY 2025, Saratoga continued to integrate sustainability considerations across its portfolio, reflecting the diversity
to Sustainability of business models and sector-specific requirements. We focused on aligning ESG principles with operational
priorities while balancing near-term performance considerations with long-term value objectives. A tailored
approach is applied to support ESG integration at the portfolio-company level, with reference to relevant national
and global frameworks, including the Sustainable Development Goals (SDGs). [POJK E.5]
ESG Roadmap 2023-2027: Five Phases to Excellence [POJK A.1]
Saratoga’s ESG Roadmap provides a structured framework for embedding sustainability across the organization.
Developed and approved by the Board of Directors, the roadmap consists of five progressive phases—each
designed to build internal ESG maturity. During FY 2025, Saratoga focuses on measuring ESG performance and
evaluating its impacts across operations and investments. [POJK F.1]
Zero
The Company pursues a common internal perception of Sustainability or
2023 INITIATING ESG, carries out comprehensive planning, and develops relevant policies.
INCIDENCE OF NON-
COMPLIANCE RECORDED
IN FY 2025 The Company focuses on implementing and monitoring the ESG program.
2024 PERFORMING The Company also cooperates with or has partnerships in this field.
The Company focuses on measuring ESG performance, conducting
These policies are embedded in our operational procedures and are 2025 EXCELLENCE impact evaluations, and reporting the results of the performance and
evaluation in impact/ESG reports.
regularly reviewed to ensure ongoing relevance and effectiveness. As part
of our governance framework, Saratoga upholds strict compliance with all The Company focuses on communicating the impact of its activities
applicable national and international regulations. In FY 2025, we recorded 2026 INSPIRING internally and externally.
zero instances of non-compliance. This achievement demonstrates the
effectiveness of our internal monitoring mechanisms and our continued
commitment to ethical, responsible business practices. [GRI 2-24] [GRI 2-27]
2027 SUSTAINING The Company is expected to become a National Leader in ESG.
20
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 21
Our Approach to
Sustainability
to Sustainability
Supporting the United Nations
Sustainable Development Goals
Saratoga incorporates the United Nations Sustainable Development Goals
(SDGs) into our investment practices and community programs. SDG
principles are incorporated into our strategic decision-making, and we
support initiatives aligned with inclusive economic growth, environmental
sustainability, and social well-being. Our sustainability agenda aligns with
the following SDGs:
SDG 1: SDG 4: SDG 5: SDG 7: SDG 8: SDG 11: SDG 12: SDG 13: SDG 15:
NO POVERTY QUALITY GENDER CLEAN ENERGY DECENT WORK SUSTAINABLE RESPONSIBLE CLIMATE ACTION LIFE ON LAND
Supporting EDUCATION EQUALITY Supporting Creating quality CITIES CONSUMPTION Reducing Protecting
economic Investing in skills Promoting renewable energy employment Contributing Promoting environmental biodiversity and
empowerment development and diversity and investments opportunities to urban sustainable footprint ecosystems
initiatives training inclusion in the development practices
workplace
Supporting Sustainable Development Goals
Through these programs, we promote inclusive growth, improve livelihoods, and foster environmental responsibility within the communities we serve.
21
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 22
Sustainability Governance and Oversight
Saratoga maintains a governance structure to support accountability and transparency in the execution of its sustainability initiatives. ESG oversight is
Our Approach conducted at the Board of Directors level and supported by an ESG Task Force that incorporates ESG considerations into operational and strategic decision-
to Sustainability making. This governance framework supports responsible investment practices and long-term value creation for stakeholders. [POJK E.1]
ESG Task Force Structure
The ESG Task Force is composed of cross-functional representatives across managerial levels, led by the Finance Director and guided by the Board of
Directors with advisory input from the Board of Commissioners. This team is instrumental in aligning sustainability policies, strategies, and goals with
Saratoga’s overall direction, ensuring a collaborative and inclusive approach to ESG. [GRI 2-12] [GRI 2-14]
The Task Force convenes biannually and additionally when needed to oversee ESG program planning, review progress, and evaluate the effectiveness of
initiatives. To support continuous improvement, Saratoga also provides ESG training for the Board and employees, including capacity building on IFRS and
other relevant reporting standards. [GRI 2-13] [POJK E.2] [GRI 2-17]
BOARD OF
COMMISSIONERS
BOARD OF DIRECTOR
FINANCE DIRECTOR
ESG TASK FORCE
Corporate
Legal and Communication Information System, Finance Corporate Tax
Investor Relations Portfolio Investment HR & GA
Corporate & Sustainability Accounting &
Secretariat Division Division Division Division Operation Team Team Division
Division Budgeting Division
Advisor Supervisor Head Member
22
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 23
Our Approach
to Sustainability
Stakeholder Stakeholder engagement is a core component of Saratoga’s
sustainability strategy. We maintain active communication
Engagement with key stakeholders including investors, employees,
[GRI 2-29][POJK E.4] portfolio companies, regulators, communities, and partners, to
understand their evolving expectations and incorporate their
input into our ESG strategy.
Table of Stakeholder Engagement Approach
Category Influence Level Engagement method Frequency Main Topics Expectation
Budget/report discussion, financial
• General Meeting of • Annual GMS in one year and The company delivers sustainable
Responsible accountability, appointment and
Consult/Inform Shareholders (GMS) • Extraordinary GMS performance, creating positive
Investment dismissal of Directors and Board of
• Public Disclosure when needed contributions for all stakeholders.
Commissioners, Performance Updates
• Regular meeting • When needed
Comfortable work environment, comprehensive
Employee Involve • Employee gathering • At least once a year Employment/welfare
benefits, development opportunities
• Employee satisfaction survey • Once a year
Portfolio Company
Involve/Support Regular meetings When needed Performance Updates Business Development
Management
Regular reporting to Routine-relative to the Contribution to the State, Compliance The company can achieve a
Regulators Inform/Consult
regulators and government regulation period with applicable laws predetermined work plan
• Procurement process
Objective procurement Process, obtain
Industry Partners Collaborate/Involve • Employment contract When needed Commercial relationship
mutually beneficial Cooperation
• Loan Agreement
• Press Release
• Media visit
Media Inform When needed Program Implementation Reliable news sources, accurate reporting
• Press gathering
• Press conference
• Collaborative
Transparency, local economic
• Projects Satisfaction with programs, improvement
Communities Consult/Involve As needed benefits, community support, Open
• Surveys and Feedback areas, and empowerment
communication, respect for local needs
• Support Programs
23
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 24
Material Topics Table of Materiality Topics [GRI 3-2]
Our Approach In FY 2025, we reviewed our Factors Boundaries’
to Sustainability existing material topics and Material Sustainability Factors Corresponding GRI Standard Topics SDGs
Internal External
confirmed their continued relevance
Stakeholders Stakeholders
to our business and stakeholder
context. As there were no significant GRI 2-12: Role of the highest governance body in overseeing the
Shareholders √ √
changes to our business operations, management of impacts
strategy, or stakeholder landscape
Economic Performance √ √ GRI 201: Economic Performance
during the reporting period, the
existing materiality assessment
remains in place and continues Carbon Emissions √ √ GRI 305: Emissions 2016
to guide our ESG priorities and
disclosures. Human Capital Development √ GRI 404: Training and Education
To guide our sustainability strategy,
Saratoga adopts tailored metrics Employee Diversity & Inclusion √ GRI 405: Diversity & Equal Opportunity
informed by relevant global
frameworks, including the SDGs,
MSCI Materiality Map, SASB Asset
Community Empowerment √ GRI 413: Local Community
Management Metrics, and industry
best practices. These frameworks
serve as reference points in GRI 205 : Anti-Corruption 2016
assessing ESG matters and support Business ethics √ √
GRI 2-27: Compliance to Laws and Regulations
our evaluation of impacts and risks
across the portfolio. [GRI 3-1] Transparency Information √ √ GRI 2-29: Approach to Stakeholder Engagement
Using these tools, we identify and
prioritize material issues that align
Privacy & Data Security √ √ GRI 418-1: Customer Privacy 2018
with both stakeholder expectations
and our business objectives,
supporting clear and consistent
sustainability reporting.
24
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 25
Managing Impact Across Our Ecosystem
Our Approach Saratoga is committed to Table of Managing Impact [GRI 3-3][GRI 413-1][GRI 413-2]
to Sustainability managing the impacts of
material topics on the economy, Material Topic Impact Mitigation Measures Relevant Chapter
environment, and society. Our Responsible Positive: Promote sustainable businesses. Conduct ESG screening and integrate ESG Our Approach to Sustainable
approach focuses on supporting Investment Negative: Risk of ESG misalignment and reputational damage. considerations into investment decision-making. Investment
positive outcomes, such as Diversify portfolio, ensure strong risk
economic activity, employment, Economic Positive: Drive financial growth and value creation. Driving Value Through
management, and maintain transparent financial
Performance Negative: Potential financial instability. Responsible Investments
and community development, reporting.
while addressing potential Carbon Catalysing Change for
Negative: Environmental harm, regulatory penalties. improve energy efficiency in operations.
risks, including environmental Emissions Environmental Stewardship
and occupational safety Workplace Positive: Enhance employee well-being.
Enforce safety protocols, provide regular
Investing in People and
considerations. training, and ensure compliance with health and
Health & Safety Negative: Risk of workplace injuries and liabilities. Social Well-Being
safety standards.
To support this approach, we Human Capital Positive: Improved employee skills and engagement. Offer training programs, mentorship, and career Investing in People and
continue to refine how we Development Negative: Skill gaps and low employee satisfaction. development opportunities. Social Well-Being
track mitigation measures and Implement diversity programs, enforce anti-
incorporate feedback and lessons Employee Positive: Foster an inclusive workplace. Investing in People and
discrimination policies, and promote equal
Diversity & Inclusion Negative: Risk of discrimination and talent attrition. Social Well-Being
learned into operational planning. opportunities.
These efforts help integrate Empowering Communities
Community Positive: Support social development and local growth. Engage stakeholders, support local projects, and
sustainability considerations Negative: Risk of community conflicts. implement community-driven initiatives.
Through Strategic
Empowerment
into our strategies and support Investments
responsible, long-term business Business Ethics
Positive: Foster trust and integrity.
Enforce a code of ethics
Ethical Leadership in
performance across the portfolio. Negative: Corruption and regulatory penalties. Investment Practices
Ensure accurate reporting, maintain open
Transparency Positive: Build stakeholder trust. Our Approach to Sustainable
communication, and adopt best practices for
Information Negative: Risk of misinformation or lack of transparency. Investment
information disclosure.
Implement robust data protection measures,
Privacy & Positive: Protect sensitive data and build trust. Driving Value Through
conduct audits, and provide employee training
Data Security Negative: Cybersecurity breaches and data theft. Responsible Investments
on data security.
Looking "As we progress with our ESG Roadmap, Saratoga continues to refine our approach to responsible
Ahead
25 investment in Indonesia. Our effort focus on strengthening governance, managing environmental and
2025 Sustainability Report sosial considerations, and supporting sustainable long-term value."
PT Saratoga Investama Sedaya Tbk.
Page 26
Upholding
Business Integrity
↗ “In 2025, Saratoga enhanced Good
Corporate Governance (GCG)
practices by reinforcing oversight
mechanisms, refining risk management
controls, and strengthening ethical
leadership – ensuring our governance
remains resilient and aligned with
international standards.”
26
Upholding
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Business Integrity
Page 27
Saratoga upholds integrity, accountability, and ethical conduct as the
foundation of sustainable value creation. In 2025, amid evolving economic
Good Corporate Governance
conditions and higher governance expectations from regulators and
investors, we reinforce our commitment to strong corporate governance as Saratoga adopts and implements the corporate governance guidelines
Upholding
Business Integrity a core driver of stakeholder trust and long-term performance. mandated by OJK Regulation No. 21/POJK.04/2015 concerning the
Implementation of Guideline of Corporate Governance in Publicly-listed
Our governance approach ensures transparent decision-making, Companies and Circular Letter of OJK No. 32/SEOJK.04/2015 concerning
responsible leadership, and continual improvement of our oversight the Governance Guideline for Public Company. These guidelines promote
systems. Saratoga’s framework complies with Indonesia’s regulatory five fundamental principles that guide all facets of our business operations:
standards, including those issued by OJK and IDX, while remaining
adaptable to global governance trends, including higher expectations
Transparency Open disclosure of material information to stakeholders
under ASEAN Corporate Governance initiatives, and heightened scrutiny
of anti-corruption and data security risks. Fairness Equal treatment and protection of all shareholder rights
2025 Governance Performance at a Glance Accountability Clear responsibility and performance measurement
ZERO ZERO ZERO 100%
Responsibility Compliance with regulations and ethical standards
Independence Professional management free from conflicts of interest
Corruption Data Whistleblowing GMS Resolutions As governance standards evolve, particularly as Indonesia advances toward
Incidents Breaches Reports Implemented
stronger ESG integration in capital markets, Saratoga remains committed
to continually strengthening our governance practices through structured
evaluations, policy refinement, and enhanced oversight mechanism.
To ensure that our disclosures, compliance practices, and decision-making
ACHIEVED ACHIEVED ACHIEVED ACHIEVED processes remain robust and up to date, we examine the efficacy of our
governance systems every year using globally recognized principles.
27
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 28
Strengthening Governance Structure [GRI 2-9]
Governance Through
Upholding
Independent Saratoga’s governance system is established in accordance with the principles articulated
Assessment
Business Integrity in Law No. 40 of 2007 concerning Limited Liability Companies (as amended), which sets
the foundation for effective management and oversight within Indonesian companies. Our
organizational structure comprises three key governance bodies:
In 2025, Saratoga engaged the Indonesian Institute for
Governance Body Role Key Responsibilities
Corporate Directorship (IICD) to assess our governance
practices using publicly available reports and disclosures. We General Meeting of Highest decision-making Strategic decisions, board
achieved a score of 87.91, placing us in the “Good” category Shareholders (GMS) authority appointments
(Level 3) and demonstrating alignment with several international Strategic oversight, risk
Board of
standards under the ASEAN Corporate Governance Scorecard Supervisory and advisory body management, performance
Commissioners
(ACGS). The highest scoring area was the responsibilities of assessment
the Board of Directors and Board of Commissioners, reflecting Management and operational Day-to-day operations, strategy
strong governance oversight. Board of Directors
leadership execution, stakeholder relations
Notably, our score surpassed the 2025 median score of 82.94
for Big Cap companies listed on the exchange, reaffirming
Saratoga’s continued commitment to high standards of Our two-tier board system clearly distinguishes supervisory from managerial
responsibilities, improving accountability and the integrity of decision-making processes.
87.91
corporate governance.
Our Board of Commissioners is supported by the Audit Committee and the Nomination
& Remuneration Committee, whereas the President Director chairs the Investment
Committee, which supports our Board of Directors. Collectively, these entities guide the
Company’s mission, core values, strategic initiatives, and sustainability priorities, ensuring
consistency with long-term goals. The Board of Commissioners and the Board of Directors
also oversee Saratoga’s environmental, social, and economic impacts through continuous
Score Achieved in IICD monitoring and stakeholder engagement. Annual evaluations are conducted to ensure that
Governance Assessment governance processes remain effective, adaptable, and responsive to emerging risks. [GRI
2-11] [GRI 2-12]
Qualified as “Good” (Level 3)
Our Board of Directors and Board of Commissioners, together with our senior
management executives meet on a regular basis to review portfolio performance,
evaluate financial results, identify emerging risks, including those raised through
whistleblowing or complaints, and respond to new opportunities. Any critical issues are
escalated to the Board of Commissioners for oversight and decision-making.
28
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Detailed performance assessments of the boards and committees
are presented in Saratoga’s 2025 Annual Report.
Page 29
Saratoga Organization Structure
Upholding BOARD OF BOARD OF
Business Integrity COMMISSIONERS DIRECTORS
EDWIN SOERYADJAYA
JOYCE SOERYADJAYA KERR
INDRA CAHYA UNO
ARIA KANAKA
(Independent)
STEPHANUS HARJANTO T
(Independent)
NOMINATION & PRESIDENT
AUDIT INVESTMENT
REMUNERATION DIRECTOR
COMMITTEE COMMITTEE
COMMITTEE
MICHAEL W.P.
ARIA KANAKA ARIA KANAKA EDWIN SOERYADJAYA SOERYADJAYA
(Chairman) (Chairman) (Supervisor)
BASUKI SETIOGROHO EDWIN SOERYADJAYA MICHAEL W.P.
HANY GUNGORO HANDIANTO GANIS SOERYADJAYA
(Chairman)
LANY DJUWITA WONG
DEVIN WIRAWAN
FINANCE PORTFOLIO INVESTMENT
DIRECTOR DIRECTOR DIRECTOR
MICHAEL W.P.
LANY DJUWITA WONG DEVIN WIRAWAN
SOERYADJAYA
PORTFOLIO PORTFOLIO INVESTMENT INVESTOR RELATIONS
ADVISOR OPERATION TEAM TEAM DIVISION HEAD
ANDI ESFANDIARI MELLISA TIKA HOLIDI
INTERNAL AUDIT LEGAL AND CORPORATE HR & GA
SECRETARIAT DIVISON
UNIT HEAD HEAD DIVISION HEAD
WIRYANTO SANDI RAHAJU HERRY WINOTO
29 INFORMATION SYSTEM, FINANCE
CORPORATE
COMMUNICATION & RISK MANAGEMENT CORPORATE TAX
ACCOUNTING & BUDGETING SUSTAINABILITY DIVISION
2025 Sustainability Report DIVISION HEAD DIVISON HEAD HEAD DIVISON HEAD DIVISION HEAD
PT Saratoga Investama Sedaya Tbk. HARWIN IDRIS
TINA NURYATI HADI CHRISTIAN CATHARINA LATJUBA OLIVIA MAHARANI
(ACTING)
Page 30
General Meeting of Shareholders Composition of the Board of Commissioners
[GRI 2-10] [GRI 405-1] [GRI 2-9]
Upholding The General Meeting of Shareholders (GMS) serves as Saratoga’s
Business Integrity highest governing body, enabling shareholders to make strategic
decisions in accordance with the Articles of Association and relevant
legislation. In 2025, we held our Annual GMS and Extraordinary GMS
on 25 June, with all resolutions duly approved and fully implemented.
To uphold fairness and transparency, GMS procedures ensure that
every shareholder has equal rights, timely information, and the
opportunity to participate and vote. The GMS is also responsible for
appointing and dismissing members of the Board of Commissioners
and Board of Directors, based on recommendations from the
The membership structure of our Board of Commissioners as of December 31, 2025
Nomination and Remuneration Committee and the governance criteria
was as follows:
established in our charters.
Name Position Gender Term of Office
Board of Commissioners
[GRI 2-9] [GRI 2-10] [GRI 2-12] [GRI 2-15] Edwin Soeryadjaya President Commissioner Male 2025 – 2030
The Board of Commissioners oversees and advises to the Board of Joyce Soeryadjaya Kerr Commissioner Female 2025 – 2030
20%
Directors, concentrating on strategic direction, risk management,
Indra Cahya Uno Commissioner Male 2025 – 2030
governance standards, and performance evaluation of our Board
of Directors. The Board of Commissioners also facilitates effective Aria Kanaka Independent Commissioner Male 2025 – 2030
resolution regarding conflicts of interest and upholds accountability
through transparent reports to shareholders. Stephanus Harjanto T Independent Commissioner Male 2025 – 2030
The Board of Commissioner operates under the Board of of our Board of
Commissioners Charter, which among others, defines authority, tenure, Saratoga’s Board of Commissioners reflects a diversity of backgrounds, experiences, and Commissioners
meeting procedures, and responsibilities. Members serve five-year gender representation. As of 2025, the Board comprises five members, including one is female
terms in accordance with the Articles of Association. female commissioner and two independent commissioners.
For further details regarding composition, selection, responsibilities,
Profiles of the Board of Commissioners members are provided in the
and conflict-prevention mechanisms, refer to the Corporate
2025 Annual Report.
Governance section of the 2025 Annual Report.
30
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 31
Board of Directors Committees
Our Board of Directors establishes the company's strategic direction, Saratoga’s governance structure is supported by three Board committees
Upholding manages Company resources, oversees internal control systems, that enhance transparency, accountability, and responsible decision-
Business Integrity ensures compliance with the GCG framework, and maintains transparent making. Each committee operates under a formal charter and plays a
communication with stakeholders. Together with the Investment Committee, pivotal role in implementing Good Corporate Governance (GCG) across
the Board of Directors reviews investment and divestment proposals to the Company.
ensure they align with Saratoga’s long-term vision and risk appetite.
1. Audit Committee
Composition of the Board of Directors [GRI 405-1] [GRI 2-9] The Audit Committee performs its duties and responsibilities
independently, which include reviewing Saratoga’s financial data to
Name Position Gender Term of Office ensure its financial integrity, proactively supervising the efficiency of
internal control systems, managing risks, and adhering to pertinent
Michael W.P. Soeryadjaya President Director Male 2025 – 2030 internal and external laws.
33%
Lany Djuwita Wong Director Female 2025 – 2030 2. Nomination & Remuneration Committee
The Nomination and Remuneration Committee is responsible for
Devin Wirawan Director Male 2025 – 2030
supervising Board composition, succession planning, and remuneration
structures. The committee assesses necessary competencies, supports
of our Board fair and competitive remuneration that is in line with performance, and
of Directors fosters a culture rooted in merit, accountability, and ethics to ensure
is female long-term sustainability.
3. Investment Committee
The Investment Committee provides strategic oversight to ensure that
investment decisions to align with Saratoga’s investment strategy and
GCG principles. The committee reviews proposals, assesses risks and
opportunities, and considers sustainability. The committee also monitors
portfolio performance to support responsible capital allocation and
long-term value.
Each committee operates under a dedicated charter with specific
Saratoga’s Board of Directors demonstrates a blend of professional authority, structure, and workflows. Annual evaluations ensure
effectiveness and compliance with regulations and best practices.
expertise and gender representation. As of 2025, the Board consists of Further details are in the 2025 Annual Report.
three members, including one female director.
31
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 32
Performance Evaluation Conflict of Interest [GRI 2-15]
and Remuneration
Upholding [GRI 2-10] [GRI 2-18] [GRI 2-19] [GRI 2-20] [GRI 2-21] Saratoga maintains transparent and clear mechanisms designed to
Business Integrity prevent and resolve conflicts of interest, in accordance with the Code of
Conduct, the Corporate Governance Code, and the Board Charters. Board
Board Performance Evaluation members and senior executives are required to disclose any personal or
financial interests that may influence their decision-making processes and
Our Board of Commissioners conducts an annual self-assessment
to abstain from participation when deemed necessary.
to evaluate the effectiveness of its supervisory duties, including the
achievement of work plans and Key Performance Indicators (KPIs), based All employees, regardless of their hierarchical level, are required to
on criteria set by the Nomination and Remuneration Committee. The results prioritize the interests of the Company and to refrain from engaging
are reviewed internally and used to enhance supervisory performance. in conduct that may compromise impartiality or result in financial or
reputational losses. Any violations will be addressed in accordance with
Meanwhile, our Board of Directors annually establishes its KPIs to be further
the Company's internal policies.
approved by the Board of Commissioners and will be used for their evaluation
at year-end. The performance of the Board of Directors, both collectively and
individually, is assessed each year, supported by a self-assessment.
Remuneration Framework
By taking into account the suggestions and opinions given by the
Company's Nomination and Remuneration Committee, remuneration for the
Board of Commissioners and Board of Directors is determined by the Board
of Commissioners and approved by the GMS.
Our compensation philosophy ensures remuneration that is:
• Fair and competitive within industry standards;
• Performance-based to drive accountability;
• Aligned with long-term value creation; and
• Structured include salaries, honoraria, and allowances.
To preserve complete independence, Independent Commissioners are
excluded from receiving bonus.
Details on remuneration and evaluation outcomes are provided in the Disclosures pertaining to affiliated relationships can be found in the
2025 Annual Report. Corporate Governance section of the 2025 Annual Report.
32
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 33
Whistleblowing System [GRI 2-26] [POJK F.24] Anti-Corruption Data Privacy and Cybersecurity [GRI 418-1]
Saratoga’s Whistleblowing System (WBS) plays an important role in Commitment Ensuring data integrity and information security is a key priority for
Upholding supporting a responsible, transparent, and ethical business environment. [GRI 205-1] [GRI 205-2] [GRI 205-3]
Business Integrity Saratoga. Cybersecurity risks are managed as part of the Company’s
The system provides employees, partners, and other stakeholders a secure broader corporate governance and enterprise risk management framework,
and confidential platform to raise concerns related to potential violations, Saratoga is committed to conducting with oversight from the Board of Directors and Board of Commissioners,
unethical conduct, or practices that may compromise safety or integrity. This business with integrity and adheres supported by the Risk Management Unit. This governance structure
mechanism reflects our commitment to maintaining stakeholder trust and to a zero-tolerance policy towards ensures that cybersecurity and data protection risks are monitored and
cultivating a culture where speaking up is both encouraged and protected. corruption in all forms. Our approach is addressed within the Company’s overall risk management processes.
Saratoga consistently communicates the whistleblowing mechanism to all rooted in our Code of Conduct as well
as our Corporate Governance Code, To strengthen leadership awareness and governance oversight, Saratoga
employees, both during the onboarding process and periodically through
and reinforced through robust internal conducted a Cybersecurity Training for Board and Management on
various internal communication channels.
control systems overseen by our Board 5 December 2025, in collaboration with PwC Indonesia. The session
The Company guarantees that all reports are handled with the highest covered key topics including cyber threats, data privacy, and incident
of Commissioners.
degree of confidentiality, and individuals who raise concerns in good response, enhancing the Company’s capacity to manage cybersecurity
faith are completely protected from retaliation. Anonymous reporting is Risk Assessment risks at both strategic and operational levels.
permitted, thereby enabling stakeholders to express concerns without Framework In response to the growing cybersecurity risks in the financial sector,
fear of negative repercussions.
We consistently assess corruption- Saratoga continues to strengthen our digital infrastructure through
The reports, containing all relevant details and information, can be related risks in our operations, regular system audits, vulnerability assessments, and penetration
formally submitted in writing and delivered t to the designated address focusing on: testing. These measures support early detection of potential threats and
or mailed to the specified postal address. help maintain secure and reliable information systems. The Company
• Third-party engagements;
Internal Audit Unit promotes cybersecurity awareness among employees through internal
• Procurement process and financial
PT Saratoga Investama Sedaya Tbk. communication and guidance on responsible digital practices.
approvals;
15th Floor, Menara Karya • Bribery and facilitation payments In line with Indonesia’s Personal Data Protection Law (Law No. 27 of
Jl. H.R. Rasuna Said Block X-5, Kav. 1-2 vulnerabilities; 2022), Saratoga implements safeguards to ensure the confidentiality,
South Jakarta 12950, Indonesia • Money laundering prevention; and integrity, and protection of corporate and personal information handled
Email: whistleblowing.report@saratoga-investama.com • Compliance with gift and in its operations. The Company maintains procedures for data collection,
entertainment policies. storage, and incident response, as well as mechanisms to respond to
potential cybersecurity incidents and support business continuity.
Zero
As an investment company, Saratoga does not manage customer personal
data. Instead, the Company focuses on protecting internal information and
investment-related data that support operational continuity, regulatory
compliance, and responsible business practices.
Corruption Incidents in 2025
Throughout the reporting year,
Zero Zero
Whistleblowing Reports in 2025 Saratoga reported no incidents of Data Privacy Breaches in 2025
33 No reports were received during the reporting period,
reflecting a culture of integrity across the organization.
corruption and was not involved in
any legal proceedings related to
No substantiated data privacy breaches or losses
were recorded during the reporting period. This
2025 Sustainability Report Saratoga continues to promote awareness of the WBS as corrupt practices. outcome reflects Saratoga's persistent compliance
PT Saratoga Investama Sedaya Tbk. part of our broader effort to strengthen accountability. with robust information security practices.
Page 34
2025 HIGHLIGHT: CYBERSECURITY WORKSHOP
Upholding On 5 December 2025, Saratoga conducted a Board and Management training on Cybersecurity and Data Privacy in
Business Integrity collaboration with PwC Indonesia. The session was attended by members of the Board of Commissioners, Board of Directors,
and middle to senior management of Saratoga, as well as representatives from portfolio companies, reflecting Saratoga’s
commitment to strengthening cyber resilience across our investment ecosystem.
OUR COMMITMENT
The training focused on cybersecurity and data privacy as material business and investment risks, highlighting their implications
for operational continuity, regulatory compliance, reputation, and long-term enterprise value. Key topics included the evolving
TO INTEGRITY
cyber threat landscape, board and management oversight responsibilities, incident response and escalation readiness, and the
role of data protection in maintaining stakeholder trust.
Through case-based discussions and practical insights, the session also explored how cybersecurity considerations can be
integrated into enterprise risk management, investment decision-making, and post-investment engagement, supporting
stronger governance, resilience, and sustainable value creation across Saratoga’s portfolio. "Strong governance is the
cornerstone of sustainable
success. At Saratoga,
we remain steadfast
in our commitment to
transparency, accountability,
and ethical leadership.
Through robust oversight,
rigorous compliance, and
a culture of integrity, we
continue to build trust with
our stakeholders and create
lasting value for all."
34
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 35
Driving Value
Through
Responsible
Investments
↗ “In 2025, Saratoga strengthened
our role as a responsible investment
partner by integrating sustainability
considerations into capital allocation,
risk assessment, and portfolio
stewardship by ensuring the creation
of long-term value that aligns
financial performance with positive
environmental and social outcomes.”
Driving Value
35
Through Responsible
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Investment
Page 36
At Saratoga, responsible investment remains fundamental to our value-
creation strategy, guiding our capital allocation, opportunity assessment, and
Addressing Emerging Global Trends
portfolio management. We acknowledge that long-term value is achieved not
Driving Value solely through financial performance but also by supporting businesses that Global and Indonesian Economic Outlook
Through promote environmental sustainability, social progress, and good governance. Throughout 2025, the global economy remained characterized by an uneven recovery,
Responsible
Investments In 2025, amid structural shifts in global markets and Indonesia's high interest rates in major markets, and geopolitical uncertainties impacting supply
sustained economic resilience, we intensified our focus on sectors chains and investment flows. The strategic landscape for investors was defined by
with sustainable growth potential including renewable energy, digital persistent inflation, monetary tightening in developed countries, and currency volatility
infrastructure, and healthcare while continuously strengthening our including the depreciation of the Rupiah against the U.S. dollar.
integration of ESG principles. Despite these pressures, structural opportunities are emerging. The acceleration of
Through disciplined capital management, prudent risk oversight, and active energy transition initiatives, digital transformation, and climate-related investment
engagement with our portfolio companies, Saratoga remains committed frameworks continue to open pathways for sustainable growth. For an investment
to creating shared value for stakeholders and contributing to Indonesia’s holding company like Saratoga, these global transitions underscore the importance
sustainable economic development. of disciplined financial management, ESG integration, and a focus on long-term
fundamentals.
Financial Performance 2025 [POJK C.3b] Indonesia’s economy continues to demonstrate resilience, driven by strong domestic
consumption, solid fundamentals, and the government’s commitment to expanding
renewable energy, downstream industries, and digital infrastructure. Political stability
Dividend, Distributed Follow-on following the presidential inauguration has boosted investor confidence, while
Interest, and Economic Investment Bank Indonesia’s cautious monetary easing supports business activities amid global
Other Income Value uncertainties.
These trends create investment opportunities in sectors aligned with national priorities -
including energy transition, healthcare modernization, and digital access - areas where
Saratoga’s portfolio is already extensively involved.
Saratoga’s Strategic Positioning
Saratoga has maintained financial adaptability through judicious capital structure
2,878 647 2,765
Rp Rp Rp management, demonstrated by a low loan-to-value ratio of 0,8%. This strategic approach
allows the Company to respond swiftly to market disruptions and allocate capital toward
high-conviction opportunities. Saratoga aims to navigate market volatility effectively
billion billion billion while sustaining resilient growth.
36
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 37
Economic Performance Direct Economic Value Generated and Distributed
[GRI 201-1][POJK F.3]
Saratoga continued to deliver solid economic performance
Driving Value In 2025, the Company recorded economic value generated of Rp2,878 billion, a decrease from Rp3,864
Through through disciplined portfolio management and a long term
investment approach. In 2025, the Company remained billion in 2024. This reflects broader macroeconomic dynamics and adjustments in dividend contributions
Responsible
Investments focused on selective capital allocation, taking into account from portfolio companies, particularly in sectors sensitive to commodity and energy cycles. In line with
growth potential, business resilience, and the ongoing this, economic value distributed also declined to Rp647 billion from Rp736 billion, primarily driven by
dynamics of economic transition. adjustments in dividend and tax payments in response to income levels. This reduction was measured and
reflects disciplined capital allocation, as the Company continues to balance its obligations to stakeholders
Saratoga’s portfolio spans several strategic sectors, while strengthening its financial position to maintain flexibility and support long-term growth.
including energy, healthcare, consumer, and
digital infrastructure. As the global investment Annual Direct Economic Value (in billion Rupiah)
landscape evolves, the Company continues to
observe opportunities in sectors that support Indicator 2023 2024 2025
sustainable development, while maintaining a Direct Economic Value Generate
disciplined investment approach grounded in
Revenues* 2,820 3,864 2,878
long term business fundamentals.
Distributed Economic Value
As an active investment company, Saratoga’s
Operating Expenses
financial performance is primarily driven by
the performance of our portfolio companies Operating Expenses 74 86 93
rather than direct operating revenue. Income Other Operating Expenses 21 10 11
is derived mainly from dividend distributions Salaries, Wages, and Employee Welfare 148 146 139
and divestment proceeds, and is influenced by
Payments to Creditors
market conditions and portfolio performance.
Cash Dividends Payment 1,014 298 200
Within this context, cost discipline remains a key focus.
Payment of Interest Expenses and Other Financing Expenses 95 153 165
In 2025, operating expenses were Rp233 billion against a
target of Rp267 billion, or 13% below target. The operating Payments to the Government, Payment of Corporate Income Tax and
62 42 36
expense-to-NAV ratio improved to 0.39% from 0.43% in Other Taxes
2024. [POJK F.2] [POJK F.3] Investment in Community Development/ CID funding 1 1 3
The company did not receive any financial contributions Total economic value distributed 1,415 736 647
from the government during the reporting period. Retained economic value 1,405 3,128 2,231
[GRI 201-4]
*Revenue includes dividend income, interest income, and other financial income.
Financial Performance Data (in billion Rupiah)
Indicator 2023 2024 2025
37 Additional Investment 2,152 5,772 2,765
2025 Sustainability Report Net Profit (Loss) (10,150) 3,290 7,319
PT Saratoga Investama Sedaya Tbk. Investment 49,008 55,546 60,658
Page 38
Responsible and Sustainable Investing ESG Due Diligence [POJK E.3][POJK F.17][GRI 201-2]
ESG considerations are integrated into Saratoga’s overall investment process. Sustainability
Driving Value As an investment company, Saratoga plays a role in allocating capital across various sectors factors are assessed alongside financial, legal, and commercial factors to support long-term
Through that contribute to Indonesia’s economic growth. In carrying out this role, the Company value and risk management.
Responsible considers financial factors, governance practices, as well as environmental and social
Investments At the opportunity stage, we review alignment with our investment strategy and conduct an
aspects that are relevant to its investment activities and portfolio management.
initial review of governance quality, regulatory exposure, and key environmental and social
Saratoga’s investment approach emphasizes long-term value creation through disciplined risks. As discussions advance, we engage with management to discuss risk management
portfolio management and a comprehensive understanding of sector dynamics and systems, compliance readiness, operational resilience, and sustainability-related practices.
associated risks.
During the due diligence process, material ESG risks and opportunities are considered as
In this context, ESG considerations are taken into account as part of the investment part of the broader investment assessment. This includes reviewing governance structures,
evaluation process and ongoing portfolio oversight. environmental compliance, and social risk practices. Findings are incorporated into the
The Company’s investment strategy also focuses on sectors with growth potential aligned Investment Committee’s evaluation to support informed decision-making. Following
with Indonesia’s evolving economic landscape. In line with this, Saratoga continues to investment, we continue to engage with portfolio companies to support governance, monitor
strengthen the integration of ESG considerations into its investment decision-making risk management, and track sustainability integration over time.
processes and portfolio management.
Saratoga’s responsible investment philosophy is guided by several key approaches: Investing in Impact [POJK F.26]
Saratoga works closely with our portfolio companies to integrate sustainable practices that
drive long-term value. This partnership enhances business performance while scaling our
collective environmental and social contributions.
Active Stewardship
Risk Management Long-Term Value Focus Our portfolio is strategically aligned with Indonesia’s national priorities, specifically energy
Saratoga actively The Company Saratoga’s investment transition, climate mitigation, digital connectivity, healthcare access, resource sustainability,
engages with portfolio considers various approach is directed and community development.
companies to risk factors, including toward sustainable
encourage stronger governance practices, value creation through
governance practices environmental impacts, disciplined capital
and the effective as well as regulatory allocation and long-
management of developments and term oriented portfolio
relevant environmental economic transition management.
and social issues. trends that may
influence investment
performance.
38
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 39
Portfolio Impact Highlights
For Our World,
We champion companies that actively address critical environmental and societal challenges. By
For Our Future,
Driving Value continuously aligning their operations with long-term sustainability objectives, these businesses
Through reinforce our mission to create enduring value. This dedication not only delivers financial growth but
For Our Families
Responsible builds resilient communities and safeguards the future for generations to come.
Investments
PT Alamtri Resources Indonesia Tbk (ADRO) PT Adaro Andalan Indonesia Tbk (AADI) PT Merdeka Copper Gold Tbk (MDKA) PT Tower Bersama Infrastructure Tbk (TBIG)
PT Alamtri Resources Indonesia Tbk (ADRO) stands PT Adaro Andalan Indonesia Tbk (AADI) is a PT Merdeka Copper Gold Tbk (MDKA) is a PT Tower Bersama Infrastrukture Tbk (TBIG)
as one of Indonesia’s premier diversified energy foundational energy asset that supplies the leading multi-asset mining company in Indonesia, remains a critical pillar of Indonesia's digital
and mining groups. Having successfully pivoted reliable baseload power driving Indonesia’s managing a world-class portfolio of gold, economy, operating a massive network of
from a coal-centric model, the Group now anchors industrial expansion (SDG 7). Its operational copper, and nickel. A defining milestone in 2025 over 24,300 telecommunication sites and
a comprehensive ecosystem spanning renewable scale and consistent financial performance was the successful initial public offering of its more than 42,700 tenants nationwide.
energy, mineral downstreaming, and sustainable deliver the steady returns that support subsidiary, PT Merdeka Gold Resources Tbk To gain greater visibility of the risk and
industrial infrastructure that underpins the nation's Saratoga’s broader capital allocation strategy. (EMAS), unlocking significant value for the Pani opportunities presented by climate change,
industrial advancement and a low-carbon future. Gold Project in Gorontalo that is set to become
AADI pairs this strong operational execution the Company conducted a climate scenario
one of Indonesia’s largest primary gold mines.
Through its subsidiary, PT Alamtri Minerals Tbk with stringent environmental and social analysis in 2024 that aligned with the
Concurrently, MDKA maintained consistent
(ADMR) the Group has firmly established itself in governance. Guided by its vision to be "a Task Force on Climate-related Financial
production across its Tujuh Bukit and Wetar
the global clean-energy supply chain. ADRM has Leading Indonesian Mining and Energy Disclosures ("TCFD") recommendations.
operations, generating significant employment
significantly expanded its processing capabilities, Group" the company strictly implements The Company continues to build upon the
and export revenue that directly strengthens the
particularly in aluminum to meet soaring demand Good Mining Practices, prioritizes post- qualitative climate scenario analysis with
national economy.
from the electric vehicle sector. ADRO is gradually mining ecological restoration, and advances quantification of the potential transition to its
expanding its renewable footprint through local community empowerment. With a firm MDKA reinforced its leadership in responsible and business. These initiatives are supported by
investments in renewable power plant technologies. commitment to achieving Net Zero Emissions ethical mining by receiving the 2025 Business governance frameworks designed to ensure
Its commitment to continual improvement is by 2060 or sooner, AADI operates a critical and Human Rights Award from the SETARA transparency, accountability, and long-term
evidenced by improved ESG governance, increased national energy asset responsibly and Institute, as well as the Lestari Awards 2025 in operational resilience.
transparency, and the adoption of responsible efficiently. the Human Rights and Labor Standards category
mining standards across its operations. from KG Media. These recognitions validate
Merdeka’s systematic integration of UN Guiding
Saratoga supports ADRO’s transformation strategy
Principles (UNGPs) and ESG standards into its
and its commitment to achieving measurable,
core operations. Saratoga supports MDKA as a
long-term impact through the energy transition,
portfolio with strong growth fundamentals and a
responsible operations, and sustainable community
well-defined pathway toward sustainable mineral
development. This commitment exemplifies a strong
development that aligns with Indonesia’s energy
alignment with national priorities and international
transition and critical mineral strategy.
sustainability objectives.
39
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 40
Portfolio Impact Highlights
For Our World,
We champion companies that actively address critical environmental and societal challenges. By
For Our Future,
Driving Value continuously aligning their operations with long-term sustainability objectives, these businesses
Through reinforce our mission to create enduring value. This dedication not only delivers financial growth but
For Our Families
Responsible builds resilient communities and safeguards the future for generations to come.
Investments
Digital Realty Bersama (formerly Bersama Xurya Daya Indonesia Forest Carbon PT Samator Indo Gas Tbk (AGII)
Digital Data Centres / BDDC)
Xurya is a leading renewable energy provider in Indonesia Forest Carbon is a leading environmental asset In 2025, the company aggressively
Digital Realty Bersama (formerly BDDC) is specializing in solar power (PLTS) solutions for commercial developer in Southeast Asia, specializing in the strengthened its production backbone,
advancing Indonesia’s digital transformation by and industrial (C&I) buildings nationwide. As of mid-2025, restoration of critical peatland and rainforest headlined by the strategic development
delivering scalable, world-class infrastructure. Xurya has completed more than 300 solar projects across ecosystems. By 2025, the organization has of its new facility in the Batang
In March 2025, a strategic joint venture was Indonesia with a total operating capacity exceeding 100 MW. scaled its management portfolio to over 437,000 Integrated Industrial Estate (KITB). This
formed between Bersama Digital Infrastructure These projects have been delivered in collaboration with over hectares of protected forest and marine areas. Its expansion serves as a critical supply
Asia and Digital Realty (NYSE: DLR), one of 170 local Engineering, Procurement, and Construction (EPC) flagship initiative, the Sumatra Merang Peatland hub for high-growth manufacturing
the largest global providers of cloud- and partners, reflecting a strong commitment to developing local Project (SMPP), stands as a blueprint for high- tenants and reinforces Samator’s
carrier-neutral data centers. This partnership capabilities and fostering regional economic participation. integrity restoration, generating approximately 1.3 unmatched network density across the
integrates local market expertise with the The Company’s growing portfolio generates more than 193 million tonnes of verified carbon credits annually archipelago.
global PlatformDIGITAL®, significantly elevating million kWh of clean electricity annually, contributing to a while protecting a vital biodiversity corridor for Beyond physical infrastructure,
Indonesia’s position in the regional digital reduction of approximately 172,000 tons of CO₂ emissions the endangered Sumatran tiger. Samator has accelerated its digital
economy. per year. In addition, Xurya’s activities have supported Forest Carbon differentiates itself through the use transformation to optimize supply chain
the creation of more than 2,600 green jobs, reinforcing its
Digital Realty Bersama owns and operates a of advanced monitoring technologies, including logistics, ensuring precise delivery
positive environmental and social impact.
connected campus anchored by two strategic AI-powered acoustic sensors and real-time reliability for its diversified client base.
assets: the JST1 (Jakarta Selatan Timur) in East 2025 marked a strategic milestone for Xurya by venturing into satellite dashboards, to ensure the precision of The company continues to elevate its
Jakarta and JBT1 (Jakarta Barat Tangerang) in the Off-Grid and Independent Power Producer (IPP) markets. carbon measurement and forest protection. These operational standards, implementing
West Jakarta. To address the surging demand This strategic move enables Xurya to serve C&I customers initiatives have successfully safeguarded habitats rigorous safety protocols and energy-
for high-performance digital infrastructure, the located in remote or underserved areas that are not for 36 IUCN-threatened species and delivered efficient technologies that align with
company is aggressively scaling these facilities, connected to the main PLN grid, significantly broadening its tangible economic benefits to over 22,000 international ESG benchmarks. Saratoga
with plans to expand JST1 to 32MW and JBT1 to addressable market. At the same time, this expansion aligns local community members through sustainable supports Samator as an essential pillar
30MW. Both sites serve as critical connectivity closely with the Indonesian government’s long-term objective livelihood programs. of national infrastructure, safeguarding
hubs, offering carrier-neutral access to over to achieve 38 GW of renewable energy capacity by 2035, healthcare resilience while powering
Saratoga supports Forest Carbon as a strategic
100 network providers and global exchange positioning Xurya as an important contributor to national the industrial growth that drives
partner in delivering high-quality, nature-based
points. Saratoga supports Digital Realty energy security and sustainability goals. Indonesia’s economy.
climate solutions. Their proven model directly
Bersama as a critical enabler of national digital As a certified B-Corp, Xurya combines rapid operational advances Indonesia’s FOLU Net Sink 2030 targets
competitiveness, cybersecurity readiness, and scaling with rigorous governance and social impact. Saratoga and aligns with global demand for transparent,
the sustainable growth of Indonesia’s AI-ready invests in Xurya as a catalyst for Indonesia’s Just Energy premium carbon credits that drive both climate
40 infrastructure. Transition, driving both industrial decarbonization and mitigation and ecological preservation.
equitable energy access across the archipelago.
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 41
Portfolio Impact Highlights
For Our World,
We champion companies that address critical environmental and societal challenges. By continuously
For Our Future,
Driving Value aligning their operations with long-term sustainability objectives, these businesses reinforce our
Through mission to create enduring value. This dedication not only delivers financial growth but builds resilient
For Our Families
Responsible communities and safeguards the future for generations to come.
Investments
Brawijaya Healthcare PT Mitra Pinasthika Mustika Tbk (MPMX)
Brawijaya Hospital Group has solidified its position as a premier MPM is a leading consumer automotive and mobility
general healthcare provider in Indonesia. Evolving from a single solutions group with a strong presence across
facility into a robust network of six hospitals and one clinic, the Indonesia, operating through integrated distribution,
Group has demonstrated consistent growth while maintaining a retail, and mobility services. The Group maintains a
steadfast commitment to clinical excellence and patient-centered dominant position as the primary Honda motorcycle
care. distributor in East Java and NTT, supported by a
diversified portfolio that addresses mobility needs
A highlight of 2025 was the launch of Brawijaya Hospital Taman
across the ecosystem. For Saratoga, MPM represents
Mini in East Jakarta. Strategically designed under a Transit-Oriented
a core portfolio company with a resilient operating
Development (TOD) framework, this 100-bed general hospital
model, consistent cash generation, and long-term
integrates seamless accessibility via the Jakarta–Bogor LRT and
relevance within Indonesia’s mobility sector.
Jagorawi Toll Road. The facility addresses critical regional demand
through specialized Centers of Excellence focused on Trauma Care, MPM creates value through disciplined operations
Degenerative Care, and Mother & Child Health, ensuring high- and a responsible approach to growth. Digital
standard clinical outcomes for the community. integration across its value chain supports
efficient access to financing, optimized asset
Brawijaya differentiates itself through high-acuity specialization,
management, and improved operational control,
anchored by its Centers of Excellence, including BraveHeart
while environmental impacts are mitigated through
at Brawijaya Saharjo, which delivers advanced cardiovascular
initiatives to improve energy and fuel efficiency,
care, and the Benih IVF Center at Brawijaya Antasari, a leader
strengthen waste management, and gradually
in comprehensive fertility treatments. This dedication to quality
reduce emissions. In parallel, the Group advances
service was validated by the Rumah Sakit Umum Pilihan HaiBunda
social impact through literacy education, MSME
2025 award, affirming its reputation for superior patient care.
dvelopment, road safety awareness and education,
Saratoga investments in Brawijaya Healthcare signify a shared and broader community empowerment initiatives
commitment to strengthening the national healthcare ecosystem. that contribute to improved quality of life. Together,
By scaling modern infrastructure and specialized services, Brawijaya these elements reinforce MPM’s position as a
is actively improving public health outcomes and contributing to platform for inclusive and responsible mobility.
the broader well-being of the communities it serves.
41
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 42
Aligning Business Strategies
with Responsible Investment
Driving Value
Through Integrating ESG considerations into business
Responsible strategies facilitates long-term value
Investments creation, risk management, and sustainable
development. Saratoga remains dedicated to
aligning investment decisions with national 17 01
priorities, global sustainability standards, and
16 02
the changing expectations of stakeholders. Partnership
for the
No
Poverty
Peace,
By maintaining transparency, setting Justice,
& strong
Goal Zero
Hunger
long-term objectives, and integrating ESG 15 Institution
03
principles at every stage of the investment Life
on Land
Good Health
& Well Being
process, we ensure that our portfolio
significantly contributes to Indonesia’s 14 Life Quality
04
Below
equitable and resilient growth future. Water
Education
In line with this commitment, we continue to Climate Gender
13 Action Equality
05
incorporate sustainability considerations into
our general investment review process. This Respon- Clean
Water
perspective allows us to understand how our sible
Consum- & Sanitation
ption
various portfolio and investment 12 06
Sustainable Affordable
opportunities may align with the United Cities and
Communities
and Clean
Energy
Nations Sustainable Development Goals 11
Reduced
Decent
Work and
Inequalities Industry,
Economic 07
(SDGs), whether through direct impact or as Innovation,
Infrastructure
Growth
part of our broader portfolio strategy. 10 08
09
42
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 43
Catalyzing
Change for
Environmental
Stewardship
↗ “Saratoga recognizes the
importance of environmental
stewardship and continues to
support portfolio companies in
enhancing their sustainability
practices.”
Catalyzing Change
43
for Environmental
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Stewardship
Page 44
At Saratoga, our commitment 2025 ENVIRONMENTAL PERFORMANCE AT A GLANCE
to environmental stewardship
informs both our strategic
Scope 1 & 2 Scope 3 Emission
Catalyzing direction and our day-to-day emissions intensity
Change for operations. We remain focused emissions
(Business Travel) (Scope 1 & 2 emissions)
Environmental on reducing our environmental
Stewardship footprint through responsible
policies, purposeful initiatives,
and investments that contribute
to a more sustainable future.
By integrating sustainability
95.71 19.03 0.03
considerations into our decision-
making processes, we strive
to create long-term value for
our stakeholders, today and for
TonCO2eq TonCO2eq TonCO2eq/
generations to come.
Billion Rupiah
Electricity Energy Energy
Usage Consumption Intensity
95,834 538.99 0.19
kWh GJ GJ/Billion Rupiah
44
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 45
Environmental Initiatives [POJK F.5]
Catalyzing In 2025, Saratoga continued to strengthen our Green Office Movement
Change for environmental management efforts through various We continued to optimize energy and resource efficiency throughout 2025.
Environmental initiatives at both the operational and investment levels.
Stewardship • Automated lighting controls with motion sensors to conserve energy
Within the office environment, we implemented more
• Improved air-conditioning settings for optimal efficiency
responsible operational practices while encouraging
• Digital workflows helped reduce electricity usage and paper consumption
employee participation in environmental initiatives.
• Sensor-based faucets installed promoting water efficiency. [POJK F.8]
As an investment company, Saratoga also closely
To support improved waste management practices, the building where Saratoga’s office
monitors developments in sectors related to Indonesia’s
is located has implemented a waste separation system starting in early 2025. This system
transition toward a low-carbon economy. This approach
facilitates the separation of recyclable and non‑recyclable waste, contributing to more
reflects the Company’s commitment to maintaining
effective recycling processes and supporting broader efforts to reduce landfill disposal while
responsible operational practices while considering
encouraging responsible waste practices among building occupants.
evolving sustainability dynamics in the management of our [POJK F.13] [POJK F.14] [POJK F.15]
investment portfolio.
OPERATIONAL EFFICIENCY & SUSTAINABLE WORKSPACE DESIGN
RESOURCE MANAGEMENT
Circular Economy
Furniture
Office furniture utilizes innovative
materials like recycled coffee
grounds and mycelium
Low-Impact
Clean Air & Material Sourcing
Digital Workflows Deliberate material
HEPA filters ensure choices reflect a
health while digital commitment to a circular,
45 Smart Energy & accounting waste-reducing economy
Water Controls eliminates paper [POJK F.5]
2025 Sustainability Report Motion-sensor LED lighting and sensor dependency
PT Saratoga Investama Sedaya Tbk. based faucets minimize daily resource waste
Page 46
Employee Engagement for Climate Action Measuring and Managing Our Greenhouse Gas Emissions
[GRI 305-1] [GRI 305-2] [GRI 305-3]
We believe meaningful environmental change starts with
daily habits. Saratoga recognizes that lasting impact requires Saratoga measures our greenhouse gas emissions in accordance with the GHG Protocol, The
Catalyzing Company applies the operational control approach for Scope 1 and Scope 2 emissions and uses
Change for collective participation. Throughout 2025, we empower
Environmental employees to adopt sustainable habits through: 2022 as our baseline year to monitor performance over time.
Stewardship • Awareness campaigns and internal reminders on sustainable In 2025, Scope 1 and Scope 2 emissions increased compared to the baseline, mainly due to our
practices move to a larger office, which resulted in higher electricity consumption. As this change affects
• Promotes environmentally responsible behavior both in the comparability with the baseline year, we will review whether an updated baseline is needed to
workplace and at home. ensure more accurate tracking going forward.
• Encouragement of mindful daily habits: reducing energy use,
minimizing waste and conserving water
GHG EMISSION CALCULATION
In FY 2025, Saratoga continued to enhance the accuracy and coverage of our GHG emissions reporting,
reinforcing our commitment to transparent and accountable environmental management. We are progressively
adopting a more comprehensive approach across all emission scopes to better reflect our operational and
investment footprint.
SCOPE 1
> SCOPE 2
> SCOPE 3
Direct Emissions Indirect Emissions Value Chain Emissions
Scope 1 emissions from Electricity B
● usiness Travel:
primarily result from Scope 2 emissions are Includes emissions from
fuel consumption in generated from electricity air travel, lodging, and
company-operated use at our offices. rail transport.
vehicles. Data is These are calculated
tracked throughout using actual electricity
the year and converted consumption data and
into Ton CO2 eq using Indonesia's national grid
standardized emission emission factor (PLN),
factors to ensure enabling consistent
consistency and annual performance
traceability. comparisons.
46
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 47
GHG Emissions Performance Energy Management
Our three-year data comparison provides a clearer view of performance trends in line with GRI reporting practices. In 2025, Saratoga focused on energy efficiency by managing fuel
This baseline remained the foundation for assessing improvements in our 2025 emissions performance and and electricity consumption across its operations. Our total energy
Catalyzing
Change for identifying areas where stronger action is needed. [GRI 305-5] consumption for the year comprised electricity sourced from the national
Environmental Scope 1 and Scope 2 emissions from our internal operations remained comparatively small, supported by the grid and fuel for operational mobility needs.
Stewardship energy-efficient systems and resource-saving features embedded in our new office. In 2025, combined Scope 1 and During the reporting year, Saratoga recorded an overall energy
Scope 2 emissions totaled 95.71 TonCO₂eq, The increase in emissions was primarily driven by our relocation to a consumption of 538.99 GJ, Energy consumption increased mainly due to
larger office to accommodate operational expansion. our move to a larger office to support business expansion, which resulted
We continued to encourage environmentally conscious practices among employees by promoting small, practical in higher electricity usage compared to the prior year. While the new
steps that contribute to reducing emissions and using resources more efficiently. This included supporting the premises incorporate more energy-efficient features, the overall increase
gradual adoption of greener mobility options such as electric vehicles, while also fostering awareness around reflects the expanded floor area and occupancy levels.
everyday habits like conserving energy, minimizing waste, and using water responsibly. [POJK F.12]
Energy Consumption [POJK F.6]
GHG Emissions Performance [GRI 305-1][GRI 305-2][GRI 305-3][GRI 305-4][POJK F.11][POJK F.12] Description 2023 2024 2025 Unit
Fuel 144.11 166.66 193.99 GJ
Indicator 2023 2024 2025 Unit
Scope 1 - Mobile Combustion 8.98 10.57 12.33 TonCO2eq
Electricity Usage 280.61 265.12 345.00 GJ
Scope 2 - electricity consumption 67.81 64.07 83.38 TonCO2eq Total Energy
424.71 431.78 538.99 GJ
Consumption
Total GHG Emission (Scope 1 & 2) 76.79 74.64 95.71 TonCO2eq
Energy intensity 0.15 0.11 0.19 GJ/Billion Rupiah
GHG emissions intensity 0.03 0.02 0.03 TonCO2eq/Billion Rupiah
Note: Gasoline = 0.0346 GJ/Liter (IPCC GHG Protocol)
Business Travel 126.23 69.08 19.03 TonCO2eq
* Scope 3 Category 15 (Investments) was not disclosed quantitatively in 2025 due to the unavailability of relevant emissions data at the time of
reporting.
In addition, as Saratoga operates within a high-rise office building, the use and management of ozone-depleting
substances (ODS) fall under the responsibility of the building management. As such, ODS consumption is not
directly applicable to our operational boundary. We continue to monitor other relevant emission sources within our
activities and areas of direct control as part of our environmental management approach. [GRI 305-6]
47
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 48
Biodiversity
Saratoga’s office operations are located in Jakarta,
an urban setting that is geographically distant from
Catalyzing
Change for protected or ecologically sensitive areas. As a result,
Environmental our day-to-day activities do not directly interact with
Stewardship conservation zones or natural habitats. Biodiversity
considerations are therefore addressed primarily
through our broader sustainability strategy.
Investing in Nature to Preserve Biodiversity
[POJK F.9] [POJK F.10]
Saratoga supports biodiversity through our investment
in Forest Carbon, an environmental project developer
focused on forests, peatlands, and coastal ecosystems
restoration in Southeast Asia. These activities
contribute to habitat conservation, biodiversity
protection, and ecosystem services such as water
regulation and climate resilience.
Through this investment, Saratoga supports nature-
based solutions and community-inclusive projects.
This approach reflects our commitment to long-term
value creation through investments that deliver both
environmental impact and sustainable returns.
Green Leader 2025:
Empowering Local Change Agents through Green Leader 2025
The Green Leader program, first launched in 2015, continues to serve as a platform for cultivating grassroots environmental leadership
100+ 437K
across Indonesia. By 2025, the program had successfully engaged over 654 environmental champions from diverse backgrounds and
professions, ranging from teachers, researchers, community leaders, entrepreneurs, to students. These leaders have carried out locally rooted
environmental initiatives, with an estimated outreach of over 17,000 individuals across 29 provinces. The program has become a unifying
force for environmental action, embracing diversity and collaboration to inspire change on the ground.
trigger species have hectares of protected The 11th Green Leader batch in 2025 welcomed 44 participants aged 20 to 65 years, representing 15 provinces including West Java, South
returned and protected forest and marine Kalimantan, Jakarta, Papua, Yogyakarta, and Maluku. Participants came from a range of professional fields such as school principals, waste
in their natural habitat ecosystem managers, environmental activists, students, and facilitators. The program was conducted over several phases, including proposal selection,
recruitment, a multi-day training camp, and post-program coaching. The 2025 program reflects Saratoga’s ongoing support for capacity
building, community resilience, and environmental stewardship at the grassroots level.
48
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 49
Climate Resilience Investment
[POJK F.7] [GRI 305-4] [GRI 305-5]
Catalyzing
Change for
Environmental In 2025, Saratoga continued to strengthen our role in building climate resilience by directing capital toward
Stewardship solutions that address environmental risks and enable sustainable economic development. Our investment
approach prioritizes sectors and projects that contribute to emissions reduction, protect natural ecosystems, and
support Indonesia’s transition toward a low-carbon future.
Scaling Clean Energy and Green Jobs with Xurya Daya Indonesia (Xurya) Advancing Climate Resilience
Saratoga’s investment in Xurya reflects our commitment to enhancing climate resilience Through Alamtri’s Green Transformation
by accelerating the adoption of renewable energy in Indonesia. Xurya’s innovative The Alamtri Group supports the Indonesian
zero-capex rooftop solar model enables commercial and industrial clients to transition government’s commitment to reduce greenhouse
to clean energy with minimal upfront cost, mitigating exposure to energy price volatility gas (GHG) emissions, including measures to achieve
and carbon-related risks. Net Zero Emission (NZE) in 2060 or earlier through
As of 2025, Xurya has successfully operated 257 solar PV installations, generated over various measures. The Group has calculated
334.3 million kWh of green electricity, prevented 298.9 million kg of CO₂ emissions, and the GHG emissions produced by its operational
contributed to the creation of 17,600 green jobs. These achievements reinforce the activities (scope 1 and scope 2) and continues
resilience of our investment portfolio while contributing meaningfully to national and to conduct various GHG emission reduction /
global sustainability goals. sequestration measures.
Xurya is scaling further by entering new markets in 2025. It is expanding into off-grid These measures are in alignment with the Group’s
commercial & industrial (C&I) and independent power producer (IPP) solar markets, internal transition target for 2030. The target will be
which underscores its ambition to bring clean energy to a broader range of customers achieved by expanding the business in areas that
and geographies. support Indonesia’s green economic ecosystem,
including the development of an aluminum smelter,
To strengthen transparency and support national sustainability goals, Xurya has also exploring opportunities in various green mineral
pursued Renewable Energy Certification (REC) for its solar assets. As of the most recent products, growing our renewable energy business
report, 25,000 MWh of its rooftop solar generation is REC-registered, helping validate and expanding the markets for metallurgical coal,
its contribution to clean energy growth in Indonesia. which is essential material for steel production.
49
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 50
Supporting Climate Resilience Through Critical Minerals
Saratoga’s investment in PT Merdeka Copper Gold Tbk
(MDKA) reflects its participation in the development of critical
Catalyzing minerals that support the global energy transition. As demand
Change for for materials used in electric vehicle batteries continues to
Environmental
Stewardship grow, MDKA is expanding its downstream capabilities through
its subsidiary, PT Merdeka Battery Materials Tbk (MBMA).
Key initiatives include the operation of PT ESG New Energy
Material and the ongoing development of the PT Sulawesi
Nickel Cobalt (SLNC) facility, both of which contribute to the
production of mixed hydroxide precipitate (MHP), an important
intermediate material in battery manufacturing.
In addition, MDKA has established the AIM plant to process
mining byproducts into sulfuric acid and steam, which are
then used in the processing of nickel and cobalt materials. This
integrated approach helps support a more efficient processing
ecosystem while reducing waste from mining operations.
50
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 51
Environmental Compliance [POJK F.16]
Zero
Environmental Complaints in 2025
No environmental complaints were received during
the reporting period, reflecting our consistent focus on
Catalyzing In 2025, we continued to prioritize transparent and responsible compliance and proactive stewardship.
Change for environmental management. Our commitment to proactive
Environmental stewardship is reflected in our compliance record.
Stewardship
OUR COMMITMENT
TO THE PLANET
"Environmental stewardship is not just
a responsibility—it's an opportunity
to create lasting positive impact.
Through responsible operations,
strategic investments in clean energy
and conservation, and collaboration
with our portfolio companies, Saratoga
is committed to driving Indonesia's
transition to a sustainable, low-carbon
future. Together, we are building
resilience for our planet and prosperity
51
for generations to come."
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 52
Investing in
Our People
↗ “At Saratoga, our people are
at the heart of sustainable
value creation.”
52
Investing in
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Our People
Page 53
Saratoga believes that empowering people is essential to driving
long-term success and sustainable impact. We invest in developing
an inclusive, capable, and healthy workforce through fair employment
Investing in practices, competitive compensation, ongoing learning opportunities,
Our People and comprehensive well-being support.
These commitments underpin our approach to social responsibility and
are translated into four key areas, such as:
1. Our People
2. Employee Engagement and Equal Opportunity
3. Supporting Workforce Excellence
4. Advancing Health Initiatives
Our People In Number
Employee Engagement and Equal Opportunity [POJK F.18][POJK F.19]
Saratoga is committed to creating a workplace where all We also value age diversity as a strength. While most of our
employees feel respected, valued, and able to thrive. Our employees are within the productive age range of 30 to 50,
47.76% 67 ZERO
Company Regulation, which complies with prevailing laws we actively create opportunities for individuals beyond this
and has been ratified by the relevant authorities, governs range, fostering a dynamic and experienced team. Moreover,
employee rights and responsibilities, ensuring fairness we ensure equal rights for all employees, whether temporary
of all employees Total Number of Report of Sexual
are female Employee and transparency in all employment practices. We uphold or full-time, reinforcing an inclusive and fair workplace.
(as of 31 December 2025)
Harassment
strong principles of diversity and inclusion across gender, Our commitment to equitable recruitment extends beyond
age, ethnicity, and cultural backgrounds, guided by our Saratoga to our portfolio companies. We strictly uphold
People Policy that reinforce non-discrimination and equal compliant and ethical recruitment practices across all
opportunity. Recruitment practices are transparent and operations, explicitly prohibiting child or forced labor. This
100%
merit-based, free from discrimination on gender, ethnicity,
15.59 ZERO
principle is fundamental to our values and is enforced
race, religion, or political views. rigorously across our business network.
employees Our commitment to equitable recruitment extends beyond During the year, 5 new employees joined Saratoga and 3
received performance Saratoga to our portfolio companies. We strictly uphold departed, resulting in a turnover rate of 4.48%. This turn over
Average Hours of Report of evaluations and
Training per Worker discrimination compliant and ethical recruitment practices across all rate is drived by not suitable for the field of work.
appraisals
operations, explicitly prohibiting child or forced labor. This
principle is fundamental to our values and is enforced As stated in the Company’s People Policy, Saratoga
respects employees’ rights to freedom of association in
“Satisfied”
rigorously across our business network.
accordance with applicable labor regulations. Employees
In 2025, women represented 47.76% of our 67 employees, are free to form or join worker organizations of their choice
with one in three directors on the Board being female and
53 with the management and facilities provided by Saratoga achieving near gender parity at senior management levels.
and to express their views regarding working conditions,
including wages and working hours. The Company supports
2025 Sustainability Report Age diversity is also central to our workforce composition,
PT Saratoga Investama Sedaya Tbk.
open communication and constructive dialogue between
with equitable access to growth opportunities for employees management and employees. [GRI 2-30]
across different age groups.
Page 54
Investing in
Our People Employees Distribution Based on Employment Type [GRI 2-7]
Age Entry-level Mid-level Senior-level Executive-level 2025
Employee 2023 2024 2025 Range
Category (years) Male Female Male Female Male Female Male Female Male Female
Male Female Male Female Male Female
Permanent employees 32 29 30 32 34 30 18-24 0 0 0 0 0 0 0 0 0 0
Temporary employees 1 2 1 2 1 2 25-34 4 4 1 1 0 1 0 0 5 6
Total 33 31 31 34 35 32 35-44 3 7 5 2 4 3 1 0 13 12
45-54 4 1 1 2 4 3 1 0 10 6
>55 1 1 0 2 6 4 0 1 7 8
Employees Distribution Based on Employment Type [GRI 2-7]
Employee 2023 2024 2025
Category Male Female Male Female Male Female Employees Distribution Workers Who are not Direct Employees
Based on Position Level [GRI 2-8]
Director
< 30 Years old 0 0 0 0 0 0 Position Level Male Female Outsourced Employees 2023 2024 2025
30-50 Years old 2 0 2 0 2 0 Entry-level 12 13 Male 8 9 10
>50 Years old 0 1 0 1 0 1 Mid-level 7 7
Manager and Supervisor Senior-level 14 11 Female 0 1 1
< 30 Years old 1 1 0 2 0 0 Executive-level 2 1
30-50 Years old 13 9 13 9 15 9 Total employees 35 32 Total 8 10 11
>50 Years old 5 7 6 8 6 9
Staff and Non-Staff
< 30 Years old 2 2 2 2 4 2
30-50 Years old 8 9 5 10 4 9
>50 Years old 2 2 3 2 4 2
Total 33 31 31 34 35 32
Note :●
Employee data is reported using head count to represent the total number of employees, including full-
time and part-time staff.
● mployee numbers fluctuated due to restructuring and project-specific needs, with increased staffing to
E
54 support key business growth areas.
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 55
New employee hires and employee turnover [GRI 401-1]
New Employees
Investing in
Our People Employee 2023 2024 2025
Category Male Female Male Female Male Female
< 30 Years old 2 0 0 4 2 1
30-50 Years old 3 2 0 2 2 0
>50 Years old 0 0 2 0 0 0
Total 5 2 2 6 4 1
New Employees Rate
Employee 2023 2024 2025
Category Male Female Male Female Male Female
< 30 Years old 67% 0% 0% 100% 50% 50%
30-50 Years old 13% 11% 0% 10.53% 9.52% 0%
>50 Years old 0% 0% 22% 0% 0% 0%
Employee Turnover
Employee 2023 2024 2025
Category Male Female Male Female Male Female
< 30 Years old 1 0 0 1 0 2
30-50 Years old 0 0 3 2 0 1
>50 Years old 0 1 1 0 0 0
Total 1 1 4 3 0 3
Employee Turnover Rate
Employee 2023 2024 2025
Category Male Female Male Female Male Female
< 30 Years old 33% 0% 0% 25% 0% 100%
30-50 Years old 0% 0% 15% 10.53% 0% 5.56%
55 >50 Years old 0% 10% 11% 0% 0% 0%
2025 Sustainability Report
Note: During the reporting period, the total number and rate of new employee hires and turnover, categorized by age group and gender, are
PT Saratoga Investama Sedaya Tbk.
reported exclusively for Jakarta, as it is the sole operational region and location of the Company headquarters.
Page 56
Supporting Workforce Excellence [GRI 404-1][GRI 404-2][POJK F.22]
Investing in Employee Compensation and Benefit* [GRI 401-2] Continuous learning is integral to Saratoga’s approach
Saratoga maintains a compensation framework that is
Our People to nurturing talent and strengthening organizational
competitive, equitable, and aligned with industry standards. Permanent Temporary capabilities. Managers are required to participate
Our Jakarta entry-level wage of Rp6,032,000 exceeds the Employee Employee in at least two training sessions annually, while the
regional minimum by 11.77%, reflecting our commitment to
Basic Salary √ √ Human Resources team proactively identifies new
fair and responsible remuneration. Salaries and benefits are
√ √
development opportunities to meet evolving business
reviewed annually based on performance and merit. We Annual Bonus
and sustainability needs.
maintain a gender-equal pay structure with a 1:1 wage ratio Meals Facilities √ √
between male and female employees at the same level. In 2025, employees completed an average of 15.59 hours
Transportation Allowance* √
[POJK F.20][GRI 405-2] of training, and managerial staff participated in targeted
Overtime Allowance* √ leadership programs to build critical competencies and
Our benefits framework includes annual bonuses, meal and
Leave Allowance* √ enhance organizational resilience.:
transportation allowances, overtime pay, and long-service
rewards. Additional programs, such as vehicle ownership Religious Holiday Allowance √ √ Performance evaluations play an essential role in aligning
support, demonstrate our commitment to strengthening Marriage Allowance √ √ individual growth with organizational goals. In 2025, 100%
employee financial well-being. of employees received annual performance evaluations,
Bereavement Money √ √
which include KPI assessments and, for staff-level
Saratoga also ensures long-term security for employees Special Allowance/Aid √ √ and above positions, 360-degree feedback involving
through participation in BPJS Ketenagakerjaan (Jamsostek),
Health Facilities* √ √ supervisors, peers, subordinates, and self-assessments.
covering old-age and pension benefits. Our Company
√ √
These evaluations inform decisions on promotions,
contributes 3.7% to the old-age security program and 2% to BPJS Health Program
compensation, training, and job rotations, ensuring clarity,
pension security, complemented by employee contributions BPJS Employment program √ √
accountability, and a structured pathway for career
of 2% and 1%, respectively. [GRI 201-3] Long Service Pay* √ advancement. [GRI 404-3]
Furthermore, we provide an additional employee pension Vehicle Ownership Program* √
fund, which is recorded in the Consolidated Financial
Benefits given vary based on work function/position/level/ division/term
Statement. These measures underscore our commitment to of service in accordance with Company policy
supporting employees in planning for a secure future with
long-term financial stability.
56
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 57
Average Average Average
Number Number Number
Hours of Hours of Hours of
of workers Training of workers Training of workers Training
Training Training Training
Investing in receiving Hours receiving Hours receiving Hours
Description per per per
Our People training training training
Worker Worker Worker
2023 2024 2025
Total 56 790 14.11 65 643.50 9.90 33 514.50 15.59
Based on Gender
Male 31 383 12.35 31 214 6.90 13 148.50 11.42
Female 25 407 16.28 34 429.50 12.63 20 366 18.30
Based on Job Title
Director and Senior Management 24 276.50 11.52 32 262 8.19 15 132 8.80
Manager and Supervisor 11 183 16.64 13 105.50 8.12 6 80 13.33
Staff and Non- Staff 21 330.50 15.74 20 276 13.80 12 302.50 25.21
Saratoga also maintains a culture of trust and transparency through
secure and confidential grievance mechanisms. Employees can raise
IN 2025, SARATOGA RECEIVED
concerns through supervisor consultations or the whistleblowing
Zero REPORT ON SEXUAL HARRASMENT
channel whistleblowing.report@saratoga-investama.com. REPORT ON DISCRIMINATION
All reports are reviewed by Internal Audit unit with strict
confidentiality.
In 2025, 0 grievances/complaints and 0 cases of sexual harassment
were reported, supported by Saratoga’s prevention policies,
76.3% EMPLOYEE SATISFACTION RATE
confidential hotline, and victim support services. Regular surveys and
consultations showed high employee satisfaction with management
responsiveness and workplace facilities, reinforcing our commitment
to continuous improvement. [GRI 406-1] [GRI 2-16][GRI 2-25]
57
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 58
Investing in
Our People
Advancing Health Initiatives
[POJK F.21][GRI 401-3]
Employee well-being is a key aspect of Saratoga’s human capital
management. The Company adopts a comprehensive approach to
support employees’ work-life balance and overall quality of life, as
part of its efforts to sustain productivity and long-term performance.
Employee welfare is strengthened through BPJS Kesehatan enrollment,
with Saratoga contributing 4% of employees’ monthly salaries and
employees contributing 1%, up to a salary cap of IDR12 million.
Furthermore, to promote daily wellness at the office, our facilities
include well-maintained workspaces, clean restrooms, a cafeteria, and a
prayer room.
Work–life balance is supported through flexible working arrangements,
remote work options, and family-friendly benefits, including
three months of paid maternity leave, paternity leave, childbirth
reimbursements, and comprehensive family health coverage. A
dedicated breastfeeding room further enhances support for working
mothers.
In 2025, 2 employees utilized parental leave, with a 100% return-to-work
and 3-month retention rate.
58
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 59
Empowering
Communities
Through Strategic
Investments
↗ “Through our Community Involvement
and Development (CID) programs,
Saratoga supports local communities
to thrive economically and socially.
Our CID approach reflects our belief
that sustainable business success is
inseparable from the well-being of the
communities we serve.”
Empowering
Communities
59
Through Strategic
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Investments
Page 60
At Saratoga, we believe that responsible investing creates value that By collaborating with local institutions, civil society groups, and expert organizations, we work to increase
extends beyond economic performance. Our approach to Corporate Social access to quality learning, expand vocational opportunities, and strengthen essential community services.
Responsibility (CSR) is delivered through our Community Involvement These efforts aim to equip individuals with capabilities that support upward mobility and long-term self-reliance.
Empowering and Development (CID) programs, a comprehensive framework grounded Over time, Saratoga’s CSR programs have contributed to meaningful improvements across diverse regions.
Communities in the understanding that long-term progress depends on strengthening From expanding access to education and digital literacy, to supporting micro-entrepreneurship and enhancing
Through Strategic social systems, expanding opportunities, and supporting the well-being of
Investments community facilities, these initiatives have provided individuals and families with the resources required to
communities across Indonesia. improve their quality of life.
In 2025, our CID initiatives continue to reflect this commitment by Moving forward, Saratoga will continue to deepen our social investments, ensuring that our contributions foster
focusing on programs that promote inclusive development, social resilient communities and support a more equitable and sustainable future for Indonesia.
resilience, and sustainable livelihoods. Our CID strategy prioritizes
partnerships that enable measurable impact, particularly in education,
skills development, and community infrastructure.
Total CID Investment Core Program Pillars
In 2025 Strategic focus areas
↑ 155% vs 2024 Integrated approach
2.56 3
Rp
OUR CSR APPROACH:
Billion
COMMUNITY INVOLVEMENT AND DEVELOPMENT (CID)
At Saratoga, we deliver our Corporate Social Responsibility
through Community Involvement and Development (CID)—a Our CID Framework: Three Pillars of Impact
strategic framework that goes beyond traditional philanthropy.
CID represents our commitment to creating sustainable, Saratoga’s Community Involvement Development (CID) programs are built on three interconnected pillars that
measurable impact by actively involving communities in their work together to create a lasting postive change. This framework guides how we channel our CSR efforts to
own development journey. maximize social impact:
Guided by the triple bottom line—People, Planet, and
Prosperity—our CID programs demonstrate how corporate Community Social and Cultural Environmental
action can shape meaningful, long-lasting benefits across Empowerment Development Preservation
communities while supporting Indonesia's sustainable
development agenda.
60
2025 Sustainability Report Note : This section will further elaborate on the pillars of Community Empowerment and Social and Cultural Development. Detailed
PT Saratoga Investama Sedaya Tbk. information on the Environmental Preservation pillar can be found in the Environmental Section of this report.
Page 61
In 2025, Saratoga continued to advance our commitment to societal Saratoga’s contributions in CID Programs
well-being and environmental stewardship by delivering programs that
2023 2024 2025
support long-term social progress. Our initiatives reflect a deliberate Pillar
Empowering approach to uplifting communities, enhancing quality of life, and Rp Rp Rp
Communities contributing to Indonesia’s broader sustainable development agenda. Community Empowerment [GRI 203-1] 496,902,300 500,000,000 875,000,000
Through Strategic
Investments Through Community Empowerment, we expanded our support for Social and Cultural Development [GRI 203-1] 226,163,183 254,278,367 1,434,913,393
education, skills development, and entrepreneurship. These programs
help equip youth, students, and aspiring entrepreneurs with practical Environmental Preservation [GRI 203-1] [POJK F.4] 500,000,000 250,000,000 250,000,000
capabilities needed to thrive in an evolving economic landscape. Our Total 1,223,065,483 1,004,278,367 2,559,913,393
focus remains on building resilient communities by nurturing talent
and enabling individuals to reach their full potential.
We also strengthened our efforts in Social and Cultural Development,
which play an essential role in promoting inclusive growth. In 2025,
Community Empowerment [POJK F.24][POJK F.25] [GRI 413-1][GRI 413-2][GRI 203-2]
Saratoga continued to support improved living conditions for The first pillar of our CID framework focuses on empowering individuals and communities through education and
vulnerable groups including orphans, low-income families, and elderly skills development. Saratoga believes these elements play a vital role in strengthening economic resilience and
individuals through targeted assistance and essential services. At the advancing social progress. We focus our community empowerment programs on helping people gain the knowledge
same time, we contributed to cultural preservation initiatives through and skills they need to succeed in today’s changing job market.
collaborations with non-profit organizations dedicated to safeguarding
Indonesia’s diverse heritage. Our Focus Areas
• Vocational training and technical skills development
In 2025, we allocated a total of IDR2.5 billion toward community • Entrepreneurship support and micro business scale up development
development and environmental programs. To ensure that our • Access to quality education opportunities
initiatives generate meaningful and lasting impact, Saratoga focuses • Youth empowerment and talent development programs
on long-term capacity building, responsible program management,
and continuous engagement with local stakeholders. Our community By supporting these initiatives, we aim to help individuals build sustainable livelihoods. This reflects our
programs are systematically designed to address priority social commitment to supporting local communities and contributing to inclusive and long-term growth.
and environmental needs, particularly in areas such as education,
economic resilience, and environmental stewardship. Through these
efforts, Saratoga affirms our commitment to supporting Indonesia’s
sustainable development while contributing positively to communities
within our investment ecosystem.
61
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 62
Empowering
Educational Scholarships:
Communities Paving the Way to Opportunities – SMK Ora et Labora BSD
Through Strategic Saratoga believes that access to education is a fundamental catalyst for inclusive and sustainable development.
Investments As part of its community empowerment initiatives, the Company supports educational programs that enable
young individuals from underprivileged backgrounds to pursue their studies and build meaningful futures.
In 2025, Saratoga provided educational scholarships to 95 students at SMK Ora et Labora BSD, supporting
their vocational education from Grade 10 through Grade 12. For many recipients, the scholarships help remove
financial barriers to education while encouraging persistence, skill development, and long-term employability.
Through this initiative, Saratoga contributes to strengthening human capital and expanding opportunities for
youth to participate productively in the economy and their communities.
ENVOY Program: Nurturing Young Entrepreneurs
The Entrepreneur Development for Youth (ENVOY) represents Saratoga’s longstanding community
empowerment initiative, conducted in partnership with the Mien R. Uno Foundation (MRUF) since 2008. The
program aims to strengthen the capabilities of young entrepreneurs by equipping them with essential business
skills, leadership training, and practical experience needed to build sustainable enterprises.
In 2025, ENVOY was delivered through two cohorts. ENVOY 16 (January–September) involved 18 young
entrepreneurs, whereas ENVOY 17 (September–December) provided support to an additional 14 young
entrepreneurs across diverse early-stage businesses in the culinary, service, agribusiness, manufacturing,
crafts, and digital sectors. Participants completed an integrated learning journey that combined
entrepreneurship training, mentoring, coaching, and reflection sessions to support both business growth and
personal development.
To cultivate future-ready entrepreneurs, the program also incorporated enrichment sessions on sustainability,
climate awareness, and responsible business practices. Through ENVOY, Saratoga continues to promote
inclusive economic growth by nurturing resilient, purpose-driven entrepreneurs who make positive
62 contributions to their communities.
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 63
Social and Cultural Development [POJK F.23][POJK F.25]
The second pillar of our CID framework addresses social progress by tackling key challenges faced by communities, especially in the areas of housing, infrastructure and cultural
Empowering preservation. Through our social and cultural initiatives, we work to improve living conditions for underserved populations by supporting access to safe and adequate housing, also
Communities celebrate Indonesia’s rich heritage. These efforts are aimed at enhancing the overall quality of life and building stronger, more resilient communities that can thrive in the long term.
Through Strategic
Investments
CEO Build 2025: Ramadhan Sembako: Christmas Outreach:
Strengthening Communities Through Building Homes Strengthening Social Solidarity Celebrating Togetherness and Care
Community well-being is closely tied to dignity, social cohesion, and a sense In 2025, Saratoga continued our annual As part of its ongoing commitment to
of belonging. In 2025, Saratoga reinforced our commitment to social and Ramadhan outreach in collaboration with social cohesion and respect for religious
cultural development through CEO Build 2025, a collaborative initiative with Yayasan Indonesia Setara, reflecting our traditions, Saratoga marked Christmas
Habitat for Humanity Indonesia that mobilizes collective action to improve commitment to social cohesion and respect 2025 by sharing a moment of togetherness
living conditions for underserved families. for religious traditions. The program provided with 96 elderly residents at the Santa
The program brought together Saratoga’s leadership and senior executives essential food packages (sembako) and Anna Nursing Home in North Jakarta.
from various sectors to collaborate directly with local communities in iftar meals to 785 underprivileged elderly Through a warm and intimate gathering,
Kadumanggu Village, Babakan Madang, Bogor. Through Saratoga’s direct residents in Kelurahan Cipinang Besar Saratoga’s team engaged directly with
involvement and broader mobilization efforts, our contribution facilitated the Utara, Jatinegara, East Jakarta, on Friday, 28 residents, offering companionship,
construction of 38 safe and decent homes, benefiting 38 families and positively March 2025. Funded through transparent heartfelt conversations, and personal gifts
impacting approximately 171 individuals. Beyond the provision of housing, the and accountable fundraising, with Yayasan as expressions of care and appreciation.
initiative promoted collaboration, mutual respect, and shared responsibility Indonesia Setara reporting on fund This initiative reflects Saratoga’s belief that
between corporate leaders and community members. utilization and impact, the initiative reflects fostering inclusive communities begins
shared values of trust and responsibility with empathy, meaningful presence, and
By encouraging leaders to engage directly with communities, CEO Build and underscores Saratoga’s continued respect for cultural and spiritual values.
2025 demonstrates Saratoga’s belief that sustainable social impact is dedication to compassion, community care,
built through active participation, empathy, and long-term commitment to and social and religious solidarity.
community development.
63
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 64
Empowering
Communities
Through Strategic
Investments
Supporting Communities in Crisis:
Saratoga’s Relief Contribution to Aceh, West and North Sumatera
As part of Saratoga’s commitment to social responsibility and collective
impact, we joined forces with five other business groups to support recovery
efforts for communities affected by floods and landslides in Aceh, North
Sumatra, and West Sumatra. On 18 December 2025, Saratoga, together
with Triputra Group, Persada Capital Investama, Mitra Pinasthika Mustika,
Tower Bersama Group, and Merdeka Copper Gold, handed over emergency
assistance to the Indonesian National Disaster Management Agency (BNPB).
The handover ceremony took place at the TNI AU Halim Perdanakusuma Air
Base in Jakarta.
This joint initiative delivered 18 trucks of essential supplies, including
clothing, hygiene items, lighting equipment, boxed milk, towels, and other
critical goods. The aid was directed to residents in hard-hit areas, with a
focus on meeting urgent needs and supporting early-stage recovery. The
distribution marked the continuation of a coordinated commitment that
began in early December 2025, when seven trucks of aid were dispatched
through the Ministry of Agriculture, followed by 13 more trucks distributed
via BNPB on 9 December.
Saratoga recognizes that disaster response is most effective when
stakeholders work together. Through this collaboration, we were able to
combine resources, streamline logistics, and provide timely support to
affected communities.
64
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 65
About
This Report
↗ "Saratoga upholds transparency and
accountability as the foundation of
our reporting practices. We aim to
deliver disclosures that are clear, timely,
and relevant, enabling stakeholders
to access reliable and meaningful
information."
65
About
2025 Sustainability Report This Report
PT Saratoga Investama Sedaya Tbk.
Page 66
About This Report Reporting Principles Internal Review and Approval [POJK G.1]
[POJK C.6] [POJK G.1][POJK G.3][GRI 2-2][GRI 2-3][GRI 2-4][GRI 2-5] [GRI 2-14] In preparing this report, Saratoga applies the reporting Although assurance by an independent third party is yet to
principles outlined in the GRI Standards 2021, including: be conducted for this report, all information presented in
About
This Report • Accuracy this report has undergone internal review and verification
Reporting Period • Balance processes, including validation by relevant management
This Sustainability Report presents PT Saratoga Investama Sedaya Tbk. • Clarity functions and approval from the Board of Directors.
(“Saratoga”, the “Company”, or “we”) sustainability approach, governance • Comparability There were no significant changes in Issuers and
practices, and performance for the reporting period 1 January to 31 December • Completeness Public Companies during the reporting period. In
2025, unless otherwise stated. • Sustainability context preparing this report, the Company has reviewed prior
Saratoga publishes our Sustainability Report annually as part of the Company's • Timeliness period disclosures to ensure consistency, accuracy,
commitment to transparency and responsible investment. The previous • Verifiability and alignment with current reporting methodologies.
Sustainability Report was published in April 2025. These principles guide how information is selected, Specifically, employee data for 2024 has been restated to
measured, and presented to ensure transparent and align with updated data consolidation and classification
Reporting Scope and Boundary reliable disclosure. practices. The revised figures provide a more accurate
This report covers Saratoga at the corporate level, including our governance and comparable representation of the Company’s
practices, investment approach, and responsible investment framework. Data and Methodology workforce profile. [POJK C.6]
The report integrates quantitative data and qualitative
As an investment holding company, Saratoga does not manage the day-to-day
disclosures to provide a balanced view of Saratoga’s
Feedback
operations of our portfolio companies. Accordingly, this report does not disclose
the operational sustainability performance of individual portfolio companies. sustainability governance, policies, and performance. Saratoga welcomes feedback from stakeholders to
improve the quality and relevance of our sustainability
Where relevant, references to portfolio companies are provided solely to illustrate Unless otherwise stated:
disclosures. [POJK G.3]
Saratoga’s investment stewardship and engagement approach, and should not • Monetary values are presented in Indonesian Rupiah
be interpreted as representing the companies’ full operational sustainability Questions, comments, or suggestions regarding this
(IDR).
performance. report may be directed to:For inquiries, comments, or
• Environmental and operational data reflect Saratoga’s feedback regarding this report, please contact:
Financial information presented in this report is aligned with the scope of corporate operations and investment stewardship
Saratoga’s Annual Report and consolidated audited financial statements. throughout the reporting period, where applicable Corporate Secretary
PT Saratoga Investama Sedaya Tbk.
Reporting Standards and Frameworks 15th Floor, Menara Karya
This report has been prepared in accordance with the Global Reporting Initiative Jl. H.R. Rasuna Said, Block X-5 Kav 1-2
(GRI) Standards 2021 – In Accordance. South Jakarta 12950, Indonesia
The report also aligns with the requirements of Financial Services Authority Phone: +62 21 5794 4355
Regulation (POJK) No. 51/POJK.03/2017 on Sustainable Finance Implementation Fax: +62 21 5794 4365
for Financial Institutions, Issuers, and Public Companies. Website: www.saratoga-investama.com
Relevant disclosures are referenced throughout the report, with a detailed GRI Email: corporate.secretary@saratoga-investama.com
and POJK Index available on pages 68-74.
66 To support ease of navigation, GRI and POJK indicators are identified using color
2025 Sustainability Report coding throughout the report.
PT Saratoga Investama Sedaya Tbk.
Page 67
Index
67
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Index
Page 68
GRI Content Index 2021
Index Statement of use PT Saratoga Investama Sedaya Tbk has reported in accordance with GRI standards for the period 1 January 2025-31 December 2025.
GRI 1 Used GRI 1: Foundation 2021
Applicable GRI Sector Standard(s)
Omission GRI Sector
GRI Standard Disclosure Location Requirement(S) Standard Ref.
Reason Explanation No.
Omitted
Consideration
2-1 Organizational details 11
2-2 Entities included in the organization’s sustainability reporting 12, 66
2-3 Reporting period, frequency and contact point 66
2-4 Restatements of information 66
2-5 External assurance 66
2-6 Activities, value chain and other business relationships 11, 12, 13
2-7 Employees 54
2-8 Workers who are not employees 54
2-9 Governance structure and composition 28, 30, 31
2-10 Nomination and selection of the highest governance body 30, 32
2-11 Chair of the highest governance body 28
GRI 2: General
Disclosures 2-12 Role of the highest governance body in overseeing the management of impacts 22, 28, 30
2021 2-13 Delegation of responsibility for managing impacts 22
2-14 Role of the highest governance body in sustainability reporting 22, 66
2-15 Conflicts of interest 30, 32
2-16 Communication of critical concerns 57
2-17 Collective knowledge of the highest governance body 22
2-18 Evaluation of the performance of the highest governance body 32
2-19 Remuneration policies 32
2-20 Process to determine remuneration 32
2-21 Annual total compensation ratio 32
68 2-22 Statement on sustainable development strategy 19
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk. 2-23 Policy commitments 19
Page 69
GRI Content Index
Omission GRI Sector
Index GRI Standard Disclosure Location Requirement(S) Standard Ref.
Reason Explanation No.
Omitted
2-24 Embedding policy commitments 19, 20
GRI 2: General 2-25 Processes to remediate negative impacts 57
Disclosures
2021 2-26 Mechanisms for seeking advice and raising concerns 33
2-27 Compliance with laws and regulations 20
GRI 2: General 2-28 Membership associations 16
Disclosures 2-29 Approach to stakeholder engagement 23
2021 2-30 Collective bargaining agreements 53
Material topics
GRI 3: Material 3-1 Process to determine material topics 24
Topics 2021 3-2 List of material topics 24
Economic performance
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
201-1 Direct economic value generated and distributed 37
GRI 201:
201-2 Financial implications and other risks and opportunities due to climate change 38
Economic
Performance 201-3 Defined benefit plan obligations and other retirement plans 56
2016
201-4 Financial assistance received from government 37
Indirect economic impacts
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
GRI 203: 203-1 Infrastructure investments and services supported 61
Indirect
Economic 203-2 Significant indirect economic impacts 61
Impacts 2016
Anti-corruption
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
69
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 70
GRI Content Index
Omission GRI Sector
Index GRI Standard Disclosure Location Requirement(S) Standard Ref.
Reason Explanation No.
Omitted
GRI 205: Anti- 205-1 Operations assessed for risks related to corruption 33
corruption 205-2 Communication and training about anti-corruption policies and procedures 33
2016 205-3 Confirmed incidents of corruption and actions taken 33
Emissions
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
305-1 Direct (Scope 1) GHG emissions 46,47
305-2 Energy indirect (Scope 2) GHG emissions 46, 47
305-3 Other indirect (Scope 3) GHG emissions 46, 47
305-4 GHG emissions intensity 47, 49
305-5 Reduction of GHG emissions 47, 49
GRI 305: The indicator is The indicator is
Emissions 2016 Emissions of ozone-
305-6 Emissions of ozone-depleting substances (ODS) 47 not relevant to the not relevant to the
depleting
organization organization
Nitrogen oxides
(NOx), sulfur oxides The indicator is The indicator is
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions - (SOx), and other not relevant to the not relevant to the
significant air organization organization
emissions
Employment
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
401-1 New employee hires and employee turnover 55
GRI 401:
Benefits provided to full-time employees that are not provided to temporary or part-
Employment 401-2 56
time employees
2016
401-3 Parental leave 58
Training and education
GRI 3: Material
70 Topics 2021
3-3 Management of material topics 25
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 71
GRI Content Index
Omission GRI Sector
Index GRI Standard Disclosure Location Requirement(S) Standard Ref.
Reason Explanation No.
Omitted
GRI 404: 404-1 Average hours of training per year per employee 56
Training and 404-2 Programs for upgrading employee skills and transition assistance programs 56
Education Percentage of employees receiving regular performance and career development
2016 404-3 56
reviews
Diversity and equal opportunity
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
GRI 405: 405-1 Diversity of governance bodies and employees 30, 31
Diversity
and Equal
Opportunity 405-2 Ratio of basic salary and remuneration of women to men 56
2016
Non-discrimination
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
GRI 406: Non-
discrimination 406-1 Incidents of discrimination and corrective actions taken 57
2016
Local communities
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
Operations with local community engagement, impact assessments, and development
GRI 413: Local 413-1 25, 61
programs
Communities
2016 Operations with significant actual and potential negative impacts on local
413-2 25, 61
communities
Customer Privacy
GRI 3: Material
3-3 Management of material topics 25
Topics 2021
GRI 418:
Substantiated complaints concerning breaches of customer privacy and losses of
71 Customer 418-1
customer data
33
Privacy 2016
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 72
POJK 51/2017 Index [POJK G.4]
Topic Location
Index
A SUSTAINABILITY STRATEGY
A.1 Explanation on Sustainability Strategies 18-20
B OVERVIEW OF PERFORMANCE ON SUSTAINABILITY ASPECTS
B.1 Economic Aspects, covering at least:
a. Quantity of products or services sold;
b. Revenue or sales;
c. Net profit or loss;
d. Environmentally friendly products; and
e. Engagement of local stakeholders on sustainable finance business process.
5-6
B.2 Environmental Aspects, covering at least:
a. Energy consumption;
b. Reduction of Emission produced;
c. Reduction of waste and effluent; and
d. Biodiversity conservation.
B.3 Social Aspect
C COMPANY PROFILE
C.1 Vision, Mission, and Sustainability Values 11
C.2 Company Address 11, 76
C.3 Business Scale, covering at least:
a. Total assets or assets capitalization, and total liabilities
b. Number of employees by gender, position, age, education and employment status 11, 15, 16, 54
c. Shareholders name and percentage of stock ownership; and
d. Operational areas
C.4 Products, Services, and Business Activities 11,12,13
C.5 Membership of Associations 16
C.6 Significant Changes in Issuers and Public Companies 66
D ELABORATION OF DIRECTORS EXPLANATION
72 D.1 Board of Directors Explanation
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
a. Policy to respond to challenges in fulfilling sustainability strategies
7-9
b. Implementation of sustainable finance
c. Target achievement strategies
Page 73
POJK 51/2017 Index [POJK G.4]
Topic Location
Index
E SUSTAINABILITY GOVERNANCE
E.1 Person in Charge of Sustainable Finance Implementation 22
E.2 Competency Development on Sustainable Finance 22
E.3 Risk Assessment on the Implementation of Sustainable Finance 38
E.4 Relationship with Stakeholders 23
E.5 Issues Regarding the Implementation of Sustainable Finance 20
F SUSTAINABILITY PERFORMANCE
F.1 Activities to Building a Culture of Sustainability 20
ECONOMIC PERFORMANCE
F.2 Comparison of Production Targets and Performance, Portfolio, Financing or Investment Targets, Revenue and Profit/Loss 37
F.3 Comparison of Portfolio Targets and Performance, Financing or Investment Targets on Financial Instruments or Projects that Align with Sustainable Finance 37
ENVIRONMENTAL PERFORMANCE
General Aspect
F.4 Environmental Costs 61
Material Aspect
F.5 Consumption of Environmentally Friendly Materials 45
Energy Aspect
F.6 The Quantity and Intensity of Energy Consumed 47
F.7 Efforts and Achievements in Energy Efficiency and the Use of Renewable Energy 49
Water Aspect
F.8 Compliance with laws and regulations 45
Biodiversity Aspect
F.9 Impacts from Operational Areas Close to or in Conservation Areas or Having Biodiversity 48
F.10 Biodiversity Conservation Efforts 48
Emissions Aspect
F.11 The Amount and Intensity of Emissions Produced by Type 47
F.12 Efforts and Achievements in Reducing Emission 47
73
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 74
POJK 51/2017 Index [POJK G.4]
Topic Location
Index
Waste and Effluent Aspect
F.13 The Amount of Waste and Effluent Produced by Type 45
F.14 Mechanism of Waste and Effluent Management 45
F.15 Spills that Occur (if any) 45
Environmental Complaint Aspect
F.16 The Amount and Material of Environmental Complaints Received and Resolved 51
SOCIAL PERFORMANCE
F.17 Commitment to Provide Equal Products and/or Services to Consumers 38
Employment Aspect
F.18 Equal Employment Opportunity 53
F.19 Child Labor and Forced Labor 53
F.20 Regional Minimum Wage 56
F.21 Safe and Healthy Working Environment 58
F.22 Employee Training and Development 56
Community Aspect
F.23 Operational Impacts on Local Communities 63
F.24 Community Complaints 33, 61
F.25 Corporate Social Responsibility (CSR) 61, 63
Responsibility For Sustainable Products/ Services
F.26 Innovation and Development of Sustainable Financial Products/Services 38
G OTHERS
G.1 Written Verification by an Independent Party (if any) 66
G.2 Feedback Form 76
G.3 Response to Feedback on the Previous Year's Sustainability Report 66
G.4 List of Disclosures in Accordance with the Financial Services Authority Regulation Number 51/POJK.03/2017 concerning The Implementation of Sustainable Finance for Financial
72
Services Institutions, Issuers And Public Company
74
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 75
UNGC Index
UNGC Principles Location
Index HUMAN RIGHTS
Principle 1 Businesses should support and respect the protection of internationally proclaimed human rights. 19
Principle 2 Businesses should make sure that they are not complicit in human rights abuses. 19
LABOUR
Principle 3 Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining. 52 - 58
Principle 4 Businesses should uphold the elimination of all forms of forced and compulsory labour. 52 - 58
Principle 5 Businesses should uphold the effective abolition of child labour. 52 - 58
Principle 6 Businesses should uphold the elimination of discrimination in respect of employment and occupation 52 - 58
ENVIRONMENT
Principle 7 Businesses should support a precautionary approach to environmental challenges 44 - 51
Principle 8 Businesses should undertake initiatives to promote greater environmental responsibility. 44 - 51
Principle 9 Businesses should encourage the development and diffusion of environmentally friendly technologies. 44 - 51
ANTI-CORRUPTION
Principle 10 Businesses should work against corruption in all its forms, including extortion and bribery. 33
75
2025 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Page 76
Feedback Form [POJK G.2]
Thank you for taking the time to read the 2025 Sustainability Report of Saratoga. To improve the quality of our reporting
and enhance the transparency of our sustainability performance, we kindly request that you complete the Feedback
Form below and return it to us. Your insights will be invaluable in assisting us with preparing our Sustainability Report for
next year. Thank you once again for your time and support.
Reader’s Profile
Full Name:
Institution/ Company: Email:
Government Industry General Public
Category: NGO Media Others (please specify)
Academic
This Sustainability Report provides valuable insights into Saratoga’s economic,
1. Agree Somewhat Agree Disagree
environmental, social, and governance performance.
2. The data and information disclosed in this report are structured, systematic, and easily understandable Agree Somewhat Agree Disagree
3. The data and information disclosed in this report are complete, transparent, and unbiased Agree Somewhat Agree Disagree
4. The design, font type, size, color scheme, layout, and images in this report are attractive and easy to read Agree Somewhat Agree Disagree
5. What are the information(s) in this report that you consider most useful?
6. What are the information(s) in this report that can be improved?
7. What information in this report do you think should be included in future reports?
Thank you for taking the time to provide feedback on this report. We value your input and encourage you to send your completed feedback form to:
PT Saratoga Investama Sedaya Tbk. [POJK C.2]
Menara Karya 15th floor
Jl. H.R. Rasuna Said Block X-5 Kav 1-2, South Jakarta 12950
Telephone: +62 21 5794 4355
Fax: +62 21 5794 4365
76 Whatsapp: +62 811 9966 999 +62 815 9966 999
2025 Sustainability Report
Website: www.saratoga-investama.com
PT Saratoga Investama Sedaya Tbk. Email: corporate.secretary@saratoga-investama.com
Page 77
Names mentioned 66 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Saratoga Investama SedayaTbk
p.2
unresolved
person
Looking Ahead
· President Director
p.9 ×2
unresolved
org
PT Bumi Hijau Asri
p.12
unresolved
org
PT Interra Indo Resources
p.12
unresolved
org
PT Lintas Indonesia Sejahtera
p.12
unresolved
org
PT Nugraha Eka Kencana
p.12
unresolved
org
PT Sarana Investasi Bersama
p.12
unresolved
org
PT Surya Nuansa Ceria
p.12
unresolved
org
PT Trimitra Karya Jaya
p.12
unresolved
org
PT Wana Bhakti Sukses Mineral
p.12
unresolved
org
PT Adaro Andalan
p.15
unresolved
org
Foodex Inti BRAWIJAYA Indonesia Tbk.
p.15 ×2
unresolved
org
PT Merdeka Cooper
p.15
unresolved
org
PT Nusa Raya
p.15
unresolved
org
PT Mulia Bosco
p.15
unresolved
org
Gold Tbk.
p.15
unresolved
org
Indo Gas Tbk.
p.15
unresolved
org
Cipta Tbk.
p.15
unresolved
org
CARBON Infrastructure Tbk.
p.15
unresolved
org
PT Mitra Pinasthika
p.15
unresolved
org
Zulu Alpha Papa Indonesia Tbk
p.15 ×2
unresolved
org
Mustika Tbk.
p.15
unresolved
org
Aneka Gas Industri Tbk.
p.15 ×2
unresolved
org
United Nation Global Compact
· Corporate Secretary
p.16
unresolved
—
Community Empowerment
p.24
unresolved
person
Male
· President Commissioner
p.30 ×8
unresolved
person
Female
· Commissioner
p.30 ×2
unresolved
org
Bank Indonesia
p.36
unresolved
org
Bank Indonesia’s
p.36
unresolved
org
Tower Bersama Infrastrukture Tbk
p.39 ×2
unresolved
org
Alamtri Minerals Tbk
p.39 ×2
unresolved
org
PT ESG New Energy Material
p.50
unresolved
org
PT Sulawesi Nickel Cobalt
p.50
unresolved
org
Yayasan Indonesia Setara
p.63
unresolved
org
Ministry of Agriculture
p.64
unresolved
org
Financial Services Authority
p.66 ×2
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.